Waleed Sadek, CEO of the Egyptian company, PaySky, said: It is a provider of digital payment solutions: the company will provide a digital money transfer service between the UAE and Egypt in an instant in the third quarter of this year; This is part of a set of services provided by its application (Yalla Super App), which it expects to start working in the UAE within weeks.
Waleed Sadek added, in an interview with “Reuters”: The expansion in the UAE market comes within the framework of the company’s plans to expand in strategic markets that have a direct impact on the Egyptian market. Being one of the most important tributaries of remittances from abroad; Therefore, the plan also includes Saudi Arabia, in which the company expects to start work in the first quarter of 2023, as well as other markets such as Kuwait.
He added: “Through our presence in the UAE market, we will launch the complete “Yalla Super App” platform, whether for individuals or businesses, and there will be many services, including financial services and non-financial services, as was the case in Egypt… We have a partnership with a very large financial institution that is a leader in the UAE market.
Data from the Central Bank of Egypt this month indicated that remittances from workers abroad recorded during the period from January to July 2022 about $18.72 billion.
Sadek said that the expansion of the company’s business in the UAE will allow Egyptians working in the UAE to send money digitally to their families “with utmost ease and at almost the same time in an easy and secure manner and in compliance with standards and laws. Egyptian Post Branches.
PaySky has a partnership with Egypt Post, whose activities include money transfer and savings services. Sadek said: The company chose to partner with Egypt Post, as it is a well-established financial institution through which customer accounts are opened and financial transactions are completed in partnership with Visa, a global partner.
Sadek added that his company will, within weeks, launch its entire activities (Yalla Super App), whether for individuals or institutions, and its cards for digital financial accounts (Yalla Card); He said that it will include many financial and non-financial services in a way that is very similar to the services provided in Egypt, but taking into account the needs and aspirations of the UAE market.
The company had launched in February 2022 its application (Yalla Super App), which provides a number of payment services in Egypt, including financial services, bill payments and electronic shopping, in addition to services for institutions and merchants that include enabling them to collect payments and sell products electronically and tools to pay the salaries of their employees using its cards. As well as paying suppliers through its platform, and announced in June that it had obtained the necessary licenses to launch the application in the UAE.
Sadek explained that the application also provides individuals with investment services regardless of the size of their wealth, such as the service of buying fines of gold that is a savings and investment tool at the same time, as well as making investment available in savings vessels in the capital markets in small denominations.
The demand for digital payments services is increasing in the Middle East, and Sadek said: This activity has received a strong boost due to the Corona virus pandemic and the ensuing closure measures that strengthened the resort to digital alternatives.
The region is witnessing a boom in post-paid installment sales applications known as “buy now, pay later”, but Sadek said that his company adopts a different concept, which is “pay now, buy later”, which motivates customers to save the value of purchases in advance in exchange for a discount on the price of Item purchased through her online store.
Saudi Arabia and Pakistan
Sadek said: Entering the UAE market is the first step of expansion, and the next step will be to launch the same services and the same platform for individuals and institutions in Saudi Arabia in the first quarter of next year, noting that work is underway with a leading financial institution in this field in the Kingdom.
He added: Entering the Saudi market was a very strategic choice for us, because it is one of the most developed markets in the field of digital financial services in the region… The entrepreneurial climate in Saudi Arabia is good in light of the ease of procedures for establishing a company, and obtaining licenses at a very low cost.
He said that after the presence in the UAE and Saudi markets, there will be a golden opportunity in other markets for remittances, including the Pakistani market, which he said is one of the largest markets receiving remittances from the UAE and Saudi Arabia. So this is the fourth market that is being worked on at the moment.
He said: We have completed the formation of the basic management team, and we are conducting partnerships and exploring other partnerships with more than one investment institution there.. We plan to launch our services in the Pakistani market in the third quarter of 2023.
He continued, “The expansion will be continuous, and there are many markets currently under study, in order to determine the priority of expansion… But our expansion will mainly be towards markets that are ready for digital transformation and financial inclusion, which have a positive impact on the markets in which we are currently active in order to maximize the benefit in a short time.”