JEDDAH: Thimsa Revolutionizing Business Payments in the Gulf Region
Fintech startup Thimsa is on a mission to revolutionize business payments through direct bank transfers with the launch of its beta platform in the UAE and Bahrain. Co-founded by two Saudi entrepreneurs and a financial expert, Thimsa aims to facilitate instant B2B pay-ins and payouts, along with offering eInvoice and subscription features.
Driving Force Behind Thimsa
Motivated by the projected growth of open banking in the Gulf Cooperation Council (GCC) countries, co-founders Rayan Azab and Salah Khashoggi, along with Dubai-based fintech entrepreneur Ash Kalra, embarked on this venture after four years of extensive market research. According to a report by Allied Market Research, open banking is expected to account for over $124 billion worth of transactions in the GCC region by 2031, with an annual growth rate of 22 percent.
Unveiling Thimsa’s Vision
In an exclusive interview with Arab News, Rayan Azab shared the journey behind Thimsa, highlighting the company’s focus on leveraging the high fintech usage in the region driven by a young, dynamic generation across the GCC. With diverse experiences among the partners, Thimsa aims to capitalize on the opportunities presented by open banking regulations in recent years.
Empowering Businesses Through Open Banking
Thimsa’s platform utilizes 350 integrated APIs to access shared financial data, enabling businesses to streamline processes, create personalized financial services, and adapt to evolving customer needs. Additionally, the fintech firm boasts the ability to accept payments in over 60 currencies from more than 150 countries.
Future Expansion and Global Reach
While focusing on product development in Saudi Arabia and the GCC region, Thimsa envisions expanding its offerings to the global market once it establishes success locally. Co-founder Salah Khashoggi emphasized the importance of aligning product offerings with market demands for seamless expansion.
Ensuring Security and Privacy
Addressing concerns about user data security, Thimsa’s co-founder Ash Kalra assured that the platform strictly adheres to regulatory standards and only utilizes client data for their benefit. Open banking principles align closely with Saudi Arabia’s Vision 2030, driving innovation, growth, and inclusivity in the market.
Collaboration Over Competition
Kalra emphasized that Thimsa works in collaboration with banks by leveraging open banking technology to spur innovation and diversify the economy, rather than competing against them. The platform’s use of microservices architecture and API-based technology enables seamless payment management for businesses and consumers.