Payment orchestration platform, MoneyHash, has entered into a strategic partnership with Spare, a regional open banking infrastructure provider, to enable merchants in the United Arab Emirates to offer Pay By Bank payment options.
The collaboration is designed to help businesses reduce payment costs, expand customer choice, and improve operational efficiency by enabling secure, account-to-account transactions through open banking payment initiation APIs.
Both companies say the partnership reflects the growing role of open banking in reshaping digital payments across the Gulf Cooperation Council (GCC).
“Open banking is reshaping how digital payments evolve in the region, bringing new ways to enhance security, speed, and customer choice,” said Maram Alikaj, Chief Operating Officer at MoneyHash. “Working with Spare aligns with our mission to support the industry with modern payment capabilities and deepen the understanding of how bank-based payments can create value for businesses.”
What You Should Know
Through the partnership, MoneyHash will integrate Spare’s regulated open banking infrastructure into its payment platform, allowing merchants to offer Pay By Bank as an alternative to traditional card-based payments.
Pay By Bank enables customers to make payments directly from their bank accounts, offering faster settlement times, lower processing costs, and enhanced transparency for merchants.
The approach also reduces reliance on card networks and supports the shift towards more efficient and locally regulated payment methods.
As businesses across the region seek to optimise payment operations and improve customer experience, open banking is increasingly being adopted as a core component of modern payment strategies.
Aligning with Regulatory Frameworks
A central feature of the partnership is its alignment with existing regulatory frameworks governing open banking across the GCC.
MoneyHash said it is deliberately working with partners that operate within regulated financial environments to ensure that new payment solutions are both secure and compliant.
MoneyHash added that the collaboration strengthens its engagement with regulated financial infrastructure and supports the broader development of trusted open banking practices across the region, including in key markets such as Saudi Arabia.
For Spare, the partnership supports its goal of making open banking accessible to organisations of all sizes and accelerating the adoption of account-to-account payments.
“Our goal is to make open banking accessible and trusted for organizations of all sizes,” said Shaima Ghafoor, Country Manager at Spare. “Partnering with MoneyHash allows us to strengthen the evolving financial infrastructure and support the industry’s transition toward secure, account-to-account payment capabilities.”
Supporting the Shift Towards Modern Payment Experiences
Both companies say they are committed to contributing to a more robust, interoperable financial ecosystem by encouraging the adoption of open standards and regulated payment technologies.
MoneyHash and Spare share a long-term vision of enabling businesses to move beyond traditional payment models by adopting alternative, bank-based payment technologies.
Through the partnership, they aim to help merchants lower transaction costs, enable faster settlement, and gain greater control over their payment flows, while maintaining high standards of security and compliance.
Experts say the collaboration reflects a broader industry shift towards open banking as a foundational layer for the future of payments, financial data, and digital commerce across the GCC. Both companies believe that as open banking matures, it will play an increasingly central role in how businesses and consumers transact in the region.
Talking Points
It is impressive that MoneyHash has partnered with Spare to enable Pay By Bank for merchants in the UAE, addressing a growing need for lower-cost, more efficient alternatives to traditional card payments.
This capability positions Pay By Bank as a practical solution for real business challenges, particularly for merchants seeking to reduce transaction fees, speed up settlements, and offer customers more payment choice without increasing operational complexity.
At Techparley, we see collaborations like this as critical to accelerating payment innovation across the GCC, not just in major financial hubs but also among mid-sized and growing businesses that need modern, reliable financial infrastructure to scale.
The shift towards account-to-account payments also gives businesses greater control over their cash flows and reduces dependence on global card networks, which can be costly and slow for regional commerce.
However, there is still room to expand its reach and impact. Adoption will depend on how well merchants understand open banking, how easy the integration is, and how effectively trust and security concerns are addressed through education, regulation, and transparent communication.
As Pay By Bank gains traction, partnerships like this could play a key role in standardising open banking practices across the region. With the right ecosystem support, MoneyHash and Spare have the potential to become important enablers of the GCC’s transition towards more open, efficient, and locally governed digital payments.
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