The global leader in compliance and payment solutions, Eastnets, has Partnered with Payments Technology Facilitator, Simpaisa, to improve fraud protection and regulatory compliance throughout its expanding digital payments network.
Simpaisa, which enables digital payments through seamless API integrations and connects global merchants with all local payment providers, has strategically invested in Eastnets’ market-leading technology to strengthen its defences against fraud and money laundering, ensure strict compliance with global regulatory standards, and secure its vast number of digital transactions across emerging markets.
The GCC’s remittances are essential to many of the rapidly expanding economies. Remittances to South Asia rose by 7.2% in 2023 to reach $189 billion, according to the World Bank.
Simpaisa facilitates smooth transactions and boosts foreign exchange inflows from GCC nations. Pakistan (US$31 billion), Nepal (US$11 billion), and Bangladesh (US$23 billion) are the leading emerging markets for Simpaisa with significant GCC inflows.
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.”
In order to fulfill the growing demand for remittance services, this new platform is intended to provide a strong payments infrastructure throughout the United Arab Emirates and the larger Gulf Cooperation Council (GCC).
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Kamil Shaikh, COO 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.”
It guarantees that transactions made by Money Transfer Operators (MTOs) and their clients will experience the highest levels of ease, dependability, and security.
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About Eastnets
Eastnets provides financial services compliance and payment solutions worldwide. Their knowledge, skills, and technology enable over 800 financial institutions, including 15 of the top 50 banks and 22 of the world’s Central Banks, to participate safely and securely in the global financial sector.
About Simpaisa
Simpaisa is a pioneering technology facilitator for payment acquiring, disbursement, and remittances in frontier markets to improve financial inclusion. The innovative payment infrastructure ensures a secure and easy movement of funds from established economic hubs to new economies.
