Dubai, UAE — January 12, 2025 — MoneyHash, the leading payment orchestration platform in emerging and global markets, and Spare, a regional open banking infrastructure provider operating in alignment with regulatory frameworks across the GCC, announced a new partnership to enable merchants to offer Pay By Bank solutions in the UAE, helping reduce payment costs, shorten settlement times, and deliver a seamless customer experience. The partnership reflects MoneyHash’s continued focus on expanding the range of payment technologies shaping the region’s digital economy, as businesses increasingly explore alternatives to traditional card-based payment models.

Advancing the Role of Open Banking in Digital Payments

As businesses across the region explore new ways to optimize payment costs, customer choice, and operational efficiencies, open banking is emerging as a key pillar of modern payment strategies, particularly through the adoption of open banking payment initiation APIs that enable secure, account-to-account transactions. Through its collaboration with Spare, MoneyHash reinforces its commitment to supporting innovation in this space and contributing to the broader development of secure, compliant, and efficient payment practices.

Through this partnership, MoneyHash complements its role in simplifying and scaling payment operations by collaborating with Spare, a leader in account-to-account payments, secure access to financial data and delivery of regulatory compliant open banking APIs across the region.

“Open banking is reshaping how digital payments evolve in the region, bringing new ways to enhance security, speed, and customer choice,” said Maram Alikaj, Chief Operating Officer at MoneyHash. “Working with Spare aligns with our mission to support the industry with modern payment capabilities and deepen the understanding of how bank-based payments can create value for businesses.”

A Shared Commitment to Strengthening Financial Infrastructure

MoneyHash continues to expand its engagement with regulated financial infrastructure across the region, working with partners that operate within established regulatory frameworks and contribute to the evolution of open banking. Through collaborations like this, MoneyHash supports the adoption of Pay By Bank, an account to account payment method that aligns with regional compliance requirements and reflects the growing maturity of open banking across the GCC, including key markets such as Saudi Arabia.

By partnering with Spare, MoneyHash strengthens its ability to engage with emerging payment technologies while maintaining a strong focus on security, compliance, and long-term market development.

“Our goal is to make open banking accessible and trusted for organizations of all sizes,”  said Shaima Ghafoor, Country Manager at Spare. “Partnering with MoneyHash allows us to strengthen the evolving financial infrastructure and support the industry’s transition toward a secure, account-to-account payment capabilities.”

Supporting the Region’s Shift Toward Modern Financial Experiences

MoneyHash and Spare share a long-term vision of enhancing financial infrastructure in the region by expanding access to alternative payment technologies. Together, they aim to help businesses to lower costs, enable faster settlements, and gain greater control over payments. This collaboration reinforces both companies’ commitment to supporting payment transformation across the GCC, encouraging broader adoption of open banking standards, and fostering innovation through secure and compliant financial infrastructure. The partnership reflects a shared belief that open banking will play an increasingly central role in shaping how payments, financial data, and digital commerce evolve in the region.