- Simpaisa integrates Eastnets’ Compliance Technology for enhanced fraud protection and regulatory compliance.
- Eastnets’ Safewatch Screening (SWS) and Anti-Money Laundering (AML) products protect payments across all Simpaisa’s frontier markets.
Eastnets, a global leader in compliance and payment solutions, has partnered with Payments Technology Facilitator, Simpaisa to deliver an enhanced level of fraud protection and regulatory compliance across the company’s expanding, digital payments network.
Specialising in enabling digital payments through seamless API integrations and connecting global merchants with all local payment providers, Simpaisa has strategically invested in Eastnets' market-leading technology to strengthen its defences against the rising threats of fraud and money laundering, ensuring stringent compliance with global regulatory standards and enhancing the security of its vast number of digital transactions across emerging markets.
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.”
Remittances from the GCC are vital to many fast growing economies. According to the World Bank, remittance flows to South Asia increased by 7.2% to reach $189 billion in 2023. Simpaisa increases the foreign currency inflows from GCC countries while facilitating seamless transactions. The top emerging markets for Simpaisa with large GCC inflows include Pakistan (US$31 billion), Nepal (US$11 billion), and Bangladesh (US$23 billion).
This new platform is designed to establish a robust payments infrastructure across the UAE and the broader GCC region, meeting the increasing demand for remittance services. It ensures that Money Transfer Operators (MTOs) and their customers benefit from unparalleled convenience, reliability, and security in their transactions.
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."
About Eastnets:
Eastnets is a global provider of compliance and payment solutions for the financial services sector. Through our experience, expertise and technology we enable safe and secure participation in the global financial economy for over 800 financial institutions globally, including 15 of the top 50 banks, and 22 of the world’s Central Banks. For more than 40 years, we’ve worked to keep the world safe and secure from financial crime. We do this by helping our partners manage risk through Sanction Screening, Transaction Monitoring, analysis, and reporting, plus industry leading consultancy and customer support.
About Simpaisa:
Simpaisa is a pioneering technology facilitator specialising in payment acquiring, disbursement, and remittances, with a focus on frontier markets to enhance financial inclusivity. Our advanced infrastructure streamlines payments while ensuring a secure and effortless flow of funds from established economic hubs to emerging markets. Our mission is to foster seamless accessibility and economic growth, continuously elevating our technology solutions to meet the evolving needs of the digital economy.
