HSBC and Geidea Unveil Omni Collect in UAE

HSBC has unveiled its new digital payment platform, Omni Collect, in the UAE through a strategic partnership with Saudi-based fintech firm Geidea. Available to corporate customers via HSBCnet, Omni Collect aims to streamline digital payment collections for goods and services across multiple channels, including credit and debit cards and e-wallets like Apple Pay and Samsung Pay.

Launch and Partnership

The partnership was officially announced during a signing ceremony attended by Mohamed Al Marzooqi, CEO of HSBC Bank Middle East in the UAE, and Abdullah AlOthman, founder and Executive Chairperson of Geidea. This collaboration will see Geidea integrate a merchant acquiring facility within Omni Collect, granting HSBC business and corporate clients access to an advanced card receivables solution, enhancing their data collection and analysis capabilities.

Key Features and Benefits

Kyle Boag, Regional Head of Global Payment Solutions, MENAT, HSBC, highlighted the UAE’s alignment with the global shift towards cashless transactions. He noted the rapid growth in online shopping and digital payments, emphasizing that Omni Collect will help businesses harness this trend by offering a simplified, faster payment collection system. This will enable businesses to analyze customer payment behavior and identify trends, facilitating informed decision-making. Boag stated, “Our strategy is to digitize the bank at scale, enabling faster innovation for customers. Our partnership with Geidea is crucial in advancing this transformation agenda.”

Omni Collect integrates directly with clients’ e-commerce and accounting solutions via APIs, allowing for real-time data flow. This integration enables businesses to monitor transactions online, consolidate reports across various payment methods, and maintain a unified view of all daily transactions.

Geidea’s Contribution

Sailesh Malhotra, Geidea’s General Manager – GCC, remarked on the mission to make payments and commerce technology accessible and affordable. He stated, “This partnership with HSBC is a testament to our reliability and scalability. With a license from the UAE Central Bank to offer diverse merchant services, we are equipped to collaborate with global partners like HSBC. Omni Collect will significantly boost businesses, providing clear growth insights across all segments, from emerging micro-enterprises to established multinationals.”

Global Reach and Market Impact

HSBC clients in the UAE with international operations can scale their integration with Omni Collect across multiple markets in Asia and Europe. The solution is already available in the UK, Australia, India, mainland China, Hong Kong, Indonesia, Malaysia, South Korea, Japan, Singapore, Thailand, and Vietnam.

Boag added, “We are witnessing increased demand across sectors such as retail, consumer brands, healthcare, pharmaceuticals, and logistics for comprehensive payment solutions. Omni Collect represents one of our many investments in the UAE market to meet our customers’ digital needs.”

By partnering with Geidea, HSBC is set to revolutionize digital payment processing for businesses in the UAE, supporting their growth in a rapidly evolving digital economy.