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Middle East and Asia-based API infrastructure company M2P Solutions announced a strategic partnership with Canadian payment solutions provider Buckzy Payments to provide cross-border payments in the MENA region.
The company’s MENA-based partners will be able to use M2P’s platform to make cross-border payments to North America, Latin America and Europe through Buckzy’s ecosystem.
The service is open to GCC countries, including the UAE, Saudi Arabia, Bahrain, Kuwait and Oman. Banks, exchange houses and money transfer operators in these countries will now be able to extend their services to underserved payment corridors, a statement from M2P said.
GCC cross-border payments hold “strategic importance” to M2P
M2P is a 2015-founded banking and payment API platform in the Middle East and Asia. In the Middle East, its headquarters are located in Abu Dhabi. The company currently has over 500 fintech and 30 banking partners onboarded.
Its scalable API platform works across multiple payment products such as credit, debit and prepaid cards, neobanking, BNPL, and cross-border solutions.
Meanwhile, Buckzy is a cross-border payments and banking services enabler based in Toronto. Its white label solutions include global payouts and pay-ins, as well as banking-as-a-service solutions in over a dozen currencies.
Vaanathi Mohanakrishnan
“The GCC region presents immense potential and enabling corridors like the US, Canada and LATAM among other regions is of strategic importance to M2P Solutions as we aim to enable seamless money flows.
A lot of M2P’s strategy hinges on enabling fintechs to deliver solutions leveraging our infrastructure and partner network. We are excited to be partnering with Buckzy to deliver frictionless cross border payment experiences to customers in the MENA region,”
Vaanathi Mohanakrishnan, Business Head M2P Solutions, MEA, said.
The partnership between M2P and Buckzy is the latest in a slew of cross-border payment initiatives in the Middle East. Of late, Velmie, Buna, Ripple and Thunes have all launched or built upon cross-border payment solutions in the region. The governments of UAE, Saudi Arabia and Bahrain are also looking at central bank digital currencies for their cross-border payments potential.
