The planned PayTabs SeaPay acquisition marks a strategic expansion in Saudi Arabia as PayTabs Group signed a Memorandum of Understanding to purchase 100% of SeaPay from Tadawul-listed Arab Sea Information Systems Company. Disclosed on the Saudi Exchange on 22 October 2026, the agreement aims to unite payment acceptance, processing, and acquiring functions under a single operational umbrella in the Kingdom.
Expansion of Payment Processing Infrastructure
By combining SeaPay’s acquiring capabilities with PayTabs’ existing switching and transaction infrastructure, the company intends to broaden its services for banks, enterprises, government entities, and merchants. Consequently, the transaction is expected to diversify corporate revenue streams, improve transaction economics, and reduce third-party dependencies across domestic operations within the growing fintech market.
Details of the PayTabs SeaPay acquisition
Under the terms of the agreement, the technical and operational systems of both companies will merge to support new merchant offerings. Specifically, this PayTabs SeaPay acquisition directly supports the group’s operational plan to serve 200,000 merchants across the Kingdom by 2030. In addition, the unified platform plans to expand merchant services, including the deployment of a dedicated Super App through integrated applications.
“PayTabs was founded in Saudi Arabia with the ambition to build payment infrastructure for the region. SeaPay represents an important step in strengthening the economics of that business in Saudi Arabia. By combining SeaPay’s capabilities, we see opportunities to increase revenue and develop new financial services for businesses operating in the Kingdom.”
Abdulaziz Al Jouf, Founder, CEO and Chairman of PayTabs Group
Executive Perspectives and Market Alignment
SeaPay, which operates under a Saudi Central Bank license for aggregation accounts, views the deal as a pathway for broader technological integration. Thamer Al Luhaidan, CEO of SeaPay, stated that the step provides opportunities to develop payment solutions tailored to businesses while keeping pace with local market developments aligned with Saudi Vision 2030.
“We welcome the signing of the Memorandum of Understanding with PayTabs Group and view this step as a strategic opportunity to explore new avenues for growth and expansion in Saudi Arabia’s digital payments sector.”
Thamer Al Luhaidan, CEO of SeaPay
Long-Term Targets and Public Listing Ambitions
Looking ahead, the successful completion of the PayTabs SeaPay acquisition supports a long-term goal of processing over USD 100 billion in annual transaction volumes by 2030. PayTabs Group continues to invest in proprietary technology, including AI orchestration platforms, while evaluating the feasibility of a future public listing.
