Eastnets Partners with Simpaisa for Regional Expansion

Eastnets, a global leader in compliance and payment solutions, has entered into a strategic partnership with Simpaisa, a Payments Technology Facilitator. This collaboration aims to enhance fraud protection and regulatory compliance across Simpaisa's expanding digital payments network.

Simpaisa’s Strategic Investment in Eastnets’ Technology

Specializing in digital payments through seamless API integrations, Simpaisa connects global merchants with local payment providers. The company has strategically invested in Eastnets' market-leading technology to bolster its defences against rising threats such as fraud and money laundering. This investment also ensures strict adherence to global regulatory standards, enhancing the security of its vast digital transactions across emerging markets.

Commenting on the partnership, Khalil Sharawneh, Eastnets GCC Director said: “We are delighted to form a strategic partnership with Simpaisa to enable safe and secure payments across their markets. Eastnets’ Safewatch Screening and Anti-Money Laundering compliance solutions will help streamline Simpaisa’s ability to monitor and manage risks efficiently in transactions and adhere to the highest global AML standards.”

Role of GCC Remittances in Emerging Markets

Remittances from the GCC are crucial to the economic growth of many fast-growing economies. According to the World Bank, remittance flows to South Asia increased by 7.2%, reaching $189 billion in 2023. Simpaisa plays a significant role in increasing foreign currency inflows from GCC countries while facilitating seamless transactions. The top emerging markets for Simpaisa with substantial GCC inflows include Pakistan (US$31 billion), Nepal (US$11 billion), and Bangladesh (US$23 billion).

Establishing a Payments Infrastructure in the GCC

The new platform developed through this partnership aims to establish a strong payment infrastructure across the UAE and the broader GCC region. It is designed to meet the growing demand for remittance services, ensuring that Money Transfer Operators (MTOs) and their customers benefit from unmatched convenience, reliability, and security in their transactions.

Kamil Shaikh, COO of Simpaisa commented “The addition of Eastnets' Safewatch Screening and AML technology boosts our security and compliance across digital payments. This upgrade enhances our fraud and cybersecurity defences, solidifying our role as a trusted leader in emerging markets."