EFG Holding S.A.E. ValU to Launch in Jordan in Early 2024 (2598O)
October 02 2023 - 2:00AM
UK Regulatory
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RNS Number : 2598O
EFG Holding S.A.E.
02 October 2023
Press Release
Valu to Launch in Jordan in Early 2024
Valu's strategic expansion into Jordan results from solid
groundwork and in-depth market research, which identified the
country as a promising market brimming with significant growth
opportunities.
Cairo, October 1, 2023
Valu, MENA's leading universal financial technology powerhouse ,
has announced its decision to launch in Jordan in Early 2024 as
part of its strategic expansion plan. The company has undertaken a
comprehensive assessment and is actively considering entering new
markets, that in addition to Jordan, include others currently under
study in North Africa. This strategic assessment demonstrates
Valu's dedication to ensuring a strong market presence and comes in
line with Valu's business strategy, which places a strong emphasis
on targeting markets with favorable market dynamics that allow for
the implementation of its full product and services universe
flexibly and that ensure profitability within 12-24 months of
launching .
Valu's expansion into Jordan comes after extensive groundwork
and in-depth market research and is currently in an advanced
preparation stage. By entering the Jordanian market, Valu aims to
leverage its expertise in financial technology to deliver
innovative and value-driven solutions to both consumers and
merchants. Valu has taken the necessary steps to apply for a
license from the Central Bank of Jordan shortly. The company has
meticulously examined the market conditions and identified
high-performing professionals including the firm's CEO, who has
already been on-boarded and comes with a wealth of extensive
experience in the financial technology sector and a deep
understanding of the local market to spearhead its business launch
in the region, which it is confident will help yield fruitful
results effectively. Valu has also been working successfully on
securing partnerships with numerous key merchants in Jordan over
the past 18 months, highlighting the strong demand for its
cutting-edge, tried, and tested suite of financial technology
solutions. These strategic partnerships will serve as the
foundation for Valu's local growth stories to be built and
solidified .
Conversely, Valu has made the decision to exclude the market of
the Kingdom of Saudi Arabia from its market expansion plan. This
decision is based on the recognition that the existing conditions
in the market do not allow for the smooth implementation of its
full suite of financial solutions flexibly, additionally, the
projected profitability timeline for the market does not fall
within Valu's profitability strategy nor market expansion plans
which was derived after examining the KSA market over the past 15
months. Valu remains dedicated to sustaining its rapid growth and
momentum in the MENA region and other markets, acknowledging the
vital importance of agility for long-term success in a dynamic
business landscape.
Walid Hassouna, CEO of Valu , expressed his enthusiasm regarding
the company's entry into the Jordanian market, stating, "We are
thrilled to bring Valu's innovative solutions to Jordan. The
decision to expand into Jordan aligns perfectly with our strategy
of prioritizing markets with plug-and-play market dynamics. With
our experienced team and strong partnerships with local merchants,
we are confident in our ability to deliver unparalleled value and
reshape the financial technology landscape in Jordan." Hassouna
added: "At Valu, we take immense pride in our visionary mindset,
making decisions with a forward-thinking approach that sets us
apart. We are constantly setting the curve and revolutionizing the
financial technology industry, one step at a time. Our unwavering
commitment to innovation and pushing boundaries drives us to create
transformative solutions that empower individuals and businesses.
Valu's unwavering commitment to profitability has yielded
impressive results over the past four years, and we intend to
maintain this trajectory moving forward."
Valu's entry into the Jordanian market is a significant step
forward in solidifying the company's leading position as the
universal financial technology powerhouse in the MENA region. By
extending its footprint into Jordan, Valu is building upon its
already established position in its home market, and this step will
further strengthen its regional presence. Through leveraging its
unparalleled expertise, Valu is well-positioned to drive economic
growth, foster financial inclusion, and empower individuals and
businesses in Jordan.
-Ends-
About Valu
Valu is the leading universal financial technology powerhouse
offering customers and businesses convenient and comprehensive
financial solutions. Under its product universe, Valu pioneered
Buy-Now, Pay-Later (BNPL) solutions in the MENA region, providing
customizable financing plans for up to 60 months across more than
5,500 points of sale and over 1,500 websites and apps - covering a
diverse array of categories, including home appliances,
electronics, home finishing, furniture, residential solar
solutions, healthcare, education, travel, and fashion, among
others. Valu also offers investment products, an instant cash
redemption program, and savings solutions through the AZ Valu fund,
Sha2labaz, Ulter, and Akeed, respectively. In addition, Valu offers
business - to - business solutions with a hassle-free HR payroll
service and more. As an award-winning fintech player in the MENA
region, Valu embraces a progressive mindset with an agile workforce
committed to architecting innovative financial solutions.
Note on Forward-Looking Statements
In this press release, Valu may make forward-looking statements,
including, for example, statements about management's expectations,
strategic objectives, growth opportunities, and business prospects.
These forward-looking statements are not historical facts but
instead represent only Valu's belief regarding future events, many
of which, by their nature, are inherently uncertain and are beyond
management's control and include, among others, financial market
volatility; actions and initiatives taken by current and potential
competitors; general economic conditions and the effect of current,
pending, and future legislation, regulations, and regulatory
actions. Accordingly, the readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the
date on which they are made.
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