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🇸🇦 Saudi Arabia Greenfield PSP · KYB platform · 2024 – present

A new Saudi PSP, launched on a digital KYB platform from day one.

A Saudi payment service provider entering the market needed a merchant-acquisition backbone built around the local ecosystem rather than retrofitted onto legacy tooling. Veengu delivered a digital KYB platform from scratch: beneficial-ownership management, automated KSA government verifications, risk review, contract and e-signature, and merchant activation. Discovery to technical readiness took roughly five months.

Discovery

~1 month

workshops + scope

Implementation

~4 months

active development

Target scale

Thousands

merchants nationwide

Surface

E-com + POS

both acquiring channels

The orchestration

One pipeline. Two acquisition modes. Three government rails.

Self-service merchants and sales-assisted acquisition share the same KYB orchestration. Thiqah, Elm, and Nafath gates ensure only eligible and validated businesses ever reach contract & activation.

Merchant or sales-assisted

Auth rep
Company details

02 GATE

Validate

KSA national checks

Thiqah
Elm
Nafath

Profile

Ownership + structure

Shareholders
Bank account
Documents

04 GATE

Review

KYC / AML officer

Risk score
Maker-checker

Contract

Service + pricing

Tariff
E-signature

Activate

Go live

Payment
POS / e-com

GATE Only eligible & validated businesses proceed

Two acquisition modes

Small merchants and enterprise merchants in the same pipeline

MODE

Self-service

Merchant-led digital flow

Online registration
Multi-user invitation flows
Document upload + validation
Service selection + tariffs
E-signature + payment
Status tracking + resubmissions

MODE

Sales-assisted

Acquisition-team led flow

Delegated activation
Merchant assistance
Custom pricing offers
Operational task queues
Risk + compliance review
Maker-checker approvals

National integrations

Plugged into the Saudi ecosystem

Thiqah

Automated company validation and verified information retrieval — no manual data re-entry for known businesses.

Elm

National data exchange for company eligibility and verification. Eligibility gate before contracting.

Nafath

National authentication for representatives and beneficial owners. Strong identity binding.

Plus: internal acquiring orchestration systems, authentication infrastructure, and payment gateway infrastructure.

Stack

Enterprise-grade fintech engineering

Java

Scala

React

TypeScript

Docker

Kubernetes

Keycloak

ELK

Prometheus

MySQL

Outcomes

What the platform delivers

Modernised KYB ops

Replacement of paper-heavy workflows with structured, auditable orchestration.
Faster activation

Automated KSA data retrieval shaves entire steps off the merchant journey.
Operational compliance

Role-based queues, risk review steps, and auditability of every action.
Two modes, one engine

Self-service and sales-assisted share the same orchestration and compliance trail.

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Launching a regulated PSP?

Veengu also delivers as a platform partner for greenfield PSPs and highly-regulated KYB programs.

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