Egyptian digital money transfer company Fawry is in discussions with Saudi Payments, which runs the nation's payment infrastructure, to examine market prospects for certification and license. According to a press release from Fawry, the action is a part of the company's objectives for regional expansion within the Gulf Cooperation Council.
The discussions will probably come to a finish before the end of the year, according to sources. The payment network, also known as Mada, is run and administered by the Saudi Central Bank and has been aiming to promote innovation and bolster the nation's financial system
“The Kingdom of Saudi Arabia has a large and promising financial sector, characterized by strong competition in payments and high liquidity, which promotes competition and innovation among all market players,” said Fawry CEO Ashraf Sabry in the statement.
After the Central Bank of Egypt issued new regulations allowing users to obtain banking services only through digital channels and platforms, Fawry is also considering entering the digital banking market in its native nation.
“The new regulations laid out by the CBE on digital banking are also a welcome change and potentially present an attractive opportunity for Fawry to expand its service offering in Egypt,” Sabry added.
“As a leader in innovative e-payment solutions in Egypt, Fawry will be able to unlock potential value for the Saudi market and its consumers,” he continued.