HSBC partners with Geidea to launch Omni Collect e-commerce payment solution in the UAE

HSBC has announced the launch of its new e-commerce digital payments platform Omni Collect in the UAE in partnership with leading Saudi-based fintech player Geidea. Available to corporate customers through HSBCnet, Omni Collect aims to simplify and streamline the way businesses collect digital payments for goods and services sold through multiple payment channels, including credit and debit cards and e-wallets such as Apple Pay and Samsung Pay.

The partnership was announced at a signing ceremony attended by Mohamed Al Marzooqi, UAE CEO, HSBC Bank Middle East, and Abdullah AlOthman, founder and executive chairman of Geidea. As part of its partnership with Geidea, the fintech provider will integrate its merchant acquisition service within Omni Collect, enabling all HSBC business and corporate customers to access its payment card receivables solution, giving them a better understanding of their collections data.

Kyle Boag, Regional Director, Global Payment Solutions, Middle East, North Africa and Turkey (MENAT), HSBC, said: “The UAE is no exception to the global cashless trend and we are seeing strong growth in online shopping and digital payments every year. HSBC’s Omni Collect will help businesses capitalize on this growth by offering them a simple way to collect payments faster, analyze customer payment behavior and spot trends to make informed business decisions. Our strategy is to digitize the bank at scale so that we can innovate faster for customers, and our collaboration with Geidea is important to deliver the transformation agenda.”

HSBC’s Omni Collect solution can be integrated with customers’ e-commerce and accounting solutions directly via an application programming interface (API), enabling real-time data flow. This allows businesses to monitor online transactions, consolidate reports across payment methods, and have a unified view of all daily business transactions.

Commenting on this collaboration, Sailesh Malhotra, CEO, Geidea – GCC, said: “Our mission is to make payment and commerce technology accessible, affordable and intuitive for everyone, and this partnership is further proof of our reliability and ability to scale as we deliver on that commitment. We have been licensed by the Central Bank of the United Arab Emirates to offer a diverse set of trading services, which has enabled us to partner with global partners such as HSBC. This product will be a boost for all businesses as it facilitates and provides a clear picture of their business growth across all business segments, from emerging micro-enterprises to established multinational corporations.”

HSBC customers in the UAE with international operations will be able to scale their businesses’ integration with Omni Collect across multiple markets in Asia and Europe, and vice versa. Omni Collect is available in the UK, Australia, India, Mainland China, Hong Kong, Indonesia, Malaysia, South Korea, Japan, Singapore, Thailand and Vietnam.

“We see increased demand among retailers, consumer brands, healthcare, pharmaceuticals and shipping and logistics for fully integrated and end-to-end payment solutions to grow their e-commerce businesses. Omni Collect is one of the many ways we are investing in the UAE market to meet the digital needs of our customers,” added Boag.

To learn more about HSBC’s Omni Collect solution, visit: https://www.gbm.hsbc.com/en-gb/solutions/omni-collect