PaySky targets automating remittance transfer from GCC to Egypt
Updated 5/26/2024 8:26:00 AM
Arab Finance: The payment solutions provider PaySky is currently working on automating the transfer of remittances from Gulf Cooperation Council (GCC) countries, such as Saudi Arabia and the UAE, to Egypt to facilitate the process, the firm’s CEO and Founder Waleed Sadek told Asharq Business.
The company is also working with 10 African central banks in building national payment systems, Sadek pointed out.
As for Yalla Super App, Sadek mentioned that the company is currently planning for a funding round by the end of this year to expand in promising markets similar to the Egyptian one, such as the Pakistani market.
The company has initiated discussions with venture capital firms that align with its strategic direction, he said, adding that family offices from GCC countries are also considered as potential candidates.
Sadek indicated that the funding round would account for 25% of the company’s shares.
Furthermore, he revealed that PaySky is getting ready to apply for a digital bank license in Egypt, noting that the company intends to offer borrowing services as part of its new products.
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