TESS Payments obtains QCB PSP license, reinforcing industry leadership after strategic patience and against all odds

Doha, Qatar: After a focused journey of perseverance, TESS Payments finally achieves a significant milestone in its growth as it successfully acquires...

Doha, Qatar: After a focused journey of perseverance, TESS Payments finally achieves a significant milestone in its growth as it successfully acquires the Payment Service Provider (PSP) license from the Qatar Central Bank. This certification is a critical step in TESS Payments' evolution from a payment facilitator to a full-fledged PSP, reinforcing its commitment to driving financial innovation and excellence in Qatar.

Since 2017, TESS has been a key provider of integrated payments processing and merchant acquiring services across Qatar, supporting Banks, PSPs, and a diverse range of merchants. "The journey to our PSP license has catalyzed immense growth and significant enhancements to our operations, aligning us with the highest regulatory standards," stated Saad Ishfaq, CEO of TESS Payments. "We deeply appreciate the enduring trust and patience from our partners, stakeholders, and customers, which have been instrumental during this extended process. Their support has been essential as we prepared to deliver even more robust and innovative solutions."

Sheikh Hamad Jabor J J Al-Thani, President of TESS Payments, expressed gratitude towards key stakeholders, including the Qatar Central Bank (QCB) and Qatar FinTech Hub (QFTH), stating, “This license marks a pivotal moment for our future initiatives. We extend our heartfelt appreciation to the QCB and QFTH for their support and collaboration. It reflects our dedication to Qatar's economic vision and underscores our commitment to fostering a robust and forward-thinking fintech ecosystem. With this milestone, we are well-positioned to elevate the digital financial services landscape in Qatar and beyond.”

TESS Payments remains at the forefront of the fintech revolution in Qatar, steadfast in its support of the nation’s vision for a digitally empowered future. "As we step into this dynamic new phase, our dedication lies in pioneering innovative solutions that drive Qatar's digital economy forward," emphasized Ishfaq.