EFG-Hermes Holdings SAE Strategic Partnership to Launch Paytabs Egypt (4598J)
April 14 2020 - 2:00AM
UK Regulatory
TIDMEFGD
RNS Number : 4598J
EFG-Hermes Holdings SAE
14 April 2020
Press Release
Powering Cashless Payments in Egypt
EFG Hermes and PayTabs enter into a strategic partnership to
launch PayTabs Egypt, a mass B2C and B2B payment acceptance and
solutions provider
Cairo, 13 April 2020: EFG Hermes, the leading financial services
corporation in Frontier Emerging Markets (FEM), announced today
that it has entered a strategic partnership agreement with PayTabs,
an award-winning global fintech solutions provider, to launch
PayTabs Egypt.
PayTabs Egypt will build a cutting-edge platform to facilitate
financial inclusion, catering to both the online and digital
payment needs of multiple consumer segments in the country, whether
the mass affluent or the emerging affluent segments. It will carry
out financial transactions remotely, quickly, and seamlessly - be
it purchases, money collection or paying bills, online or offline -
through a simple, user-friendly interface that onboards users in a
few easy steps.
Walid Hassouna, CEO of EFG Hermes Finance & Group Head of
Debt Capital Markets said, "Our partnership with PayTabs - a global
player renowned for a longstanding track record of innovative
fintech solutions - is not only part and parcel of our goal to
expand our portfolio of NBFI companies but central to our strategy
to bolster financial inclusion in the nation. As the world grapples
with the effects of COVID-19 on daily financial interactions at
brick-and-mortar facilities, we feel like this partnership will
bring to market a platform that will facilitate financial
interactions safely, securely, and effectively all while closing
the gap between the formal economy and the unbanked."
PayTabs Egypt aims to launch several innovative fintech
solutions, payment-processing platforms and interoperable systems
in the short term. The state-of-the-art hybrid digital payment
platform will enable one-click payments and comprehensive solutions
for merchants and consumers alike. It also plans to step in to
provide merchants and businesses with several progressive payment
acceptance methods such as QR codes and payment gateways.
"Our goal is to empower cashless payments in every sphere of the
Egyptian customer's life cycle. Alternative payment methods are on
the rise, especially at this time, to meet the needs of online
consumers, led by e-wallets and bank transfers. This
transformation, paired with today's technology and Egypt's thriving
fintech culture, will allow the company to promote cashless
payments that adapt to today's e-commerce progression," added
Hassouna.
PayTabs founder and CEO Abdulaziz Al Jouf said, "We are excited
to announce this venture, which creates synergy between two
powerful global brands to create more ground-breaking payment
solutions that facilitate financial inclusion and greater
convenience for millions of customers in Egypt's financial
ecosystem. The primary objective of our partnership is to fuel and
drive the digital economy by capitalizing on EFG Hermes's extensive
know-how, local intelligence and regional leadership to ensure
scalability, simplicity and adaptability."
PayTabs Egypt appointed industry veteran, Hany Soliman as
General Manager. Soliman brings to the company 17 years of
diversified expertise in financial services, business development,
strategic management and a wealth of experience in digital
innovation and strategic alliances.
"We are thrilled to be going to market with the backing of such
a high potential collaboration between EFG Hermes and PayTabs. All
of our efforts under this new platform will be conducted through
the lens of introducing payment facilitation services that boost
financial inclusion to spur long-term growth and sustainable
development in the Egyptian market," concluded Soliman.
-- ENDS --
About PayTabs
PayTabs is an award-winning, B2B payments solution provider.
Having processed the first live payment gateway transaction in June
2014, today the company processes transactions in 168 currencies,
safely and securely. Using a tool known as API plugins, PayTabs
facilitates seamless integration for merchants across 49 industries
to 'plug and play' features on to their websites. PayTabs prides
itself on offering electronic invoicing services for entrepreneurs
and businesses enabling them to save time and enjoy added
convenience with paperless invoicing. PayTabs' vision is to be
global in outlook but next door in service, whereby payment
products can be customized via different business models to suit
start-ups, small and medium organizations, and enterprise needs.
PayTabs has dedicated offices in the GCC, especially the UAE and
Saudi Arabia and presence in many other locales including Egypt,
India and the Philippines.
About EFG Hermes Holding:
With a current footprint spanning thirteen countries across four
continents, EFG Hermes started in Egypt and has grown over 35 years
of success to become a leading financial services corporation with
access to emerging and frontier markets. Drawing on our proven
track record and a team of more than 5,500 talented employees, we
provide a wide spectrum of financial services that include
investment banking, asset management, securities brokerage,
research and private equity to the entire MENA region.
In 2015, EFG Hermes launched the NBFI Platform, EFG Hermes
Finance, which will overlook activities in the non-banking finance
field through EFG Hermes Leasing, Tanmeyah Microfinance, valU for
instalment sale services and EFG Hermes Factoring. This falls in
line with the Firm's strategy to focus on two main pillars: product
diversification and geographic expansion into non-MENA markets,
which has seen the firm establish a physical presence in Pakistan,
Kenya, Bangladesh, Nigeria, Vietnam, the United Kingdom and the
United States.
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contact rns@lseg.com or visit www.rns.com.
END
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