British cloud-based payment processor Paymentology is planning to expand its digital banking business in the Middle East.

The move is in line with the company’s strategy to hit the projected growth target in the region.

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Paymentology has set itself up for rapid growth following the expansion of its Dubai offices and a contact centre in Pakistan.

The potential exit of scandal-hit rival Wirecard from the market could also be a major factor contributing towards its growth.

Moreover, it has been reported that over 17 out of 20 adults in the UAE are unbanked.

This calls for opportunities to size up quality payment processors for bringing new technology to the new and existing digital banks in the region.

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Paymentology Middle East general manager Akshay Patel said: “The current demographics point to the need for an established and flexible payment processing platform and I believe that Paymentology is now perfectly placed to seize this opportunity.”

Founded in 2015, Paymentology delivers fraud prevention systems through platform integrations and provides virtual transaction approvals instantly.

Paymentology CEO Shane O’Hara said: “We have accelerated our plans to expand in the region, and our new appointments both evidence our commitment to support the local banks, as well as positioning us strongly to ensure we can deliver quickly and efficiently for new contracts.”