{"id":2091,"date":"2025-01-15T13:56:32","date_gmt":"2025-01-15T07:56:32","guid":{"rendered":"https:\/\/corporatenews24.com\/?p=2091"},"modified":"2025-01-15T13:59:33","modified_gmt":"2025-01-15T07:59:33","slug":"egypts-connect-money-set-to-expand-into-saudi-arabia","status":"publish","type":"post","link":"https:\/\/corporatenews24.com\/?p=2091","title":{"rendered":"Egypt\u2019s Connect Money Set to Expand into Saudi Arabia"},"content":{"rendered":"

RIYADH<\/em>: Egypt-based fintech startup Connect Money<\/strong> is preparing to make its mark in Saudi Arabia, tapping into the Kingdom\u2019s burgeoning fintech sector as part of its 2025 expansion strategy.<\/p>\n

Founded in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money specializes in a white-label card issuing platform. This platform enables businesses to offer debit and credit cards to their customers without the need to build fintech infrastructure or secure regulatory licenses.<\/p>\n

In an interview with Arab News<\/em>, CEO Ayman Essawy confirmed that Connect Money aims to enter the Saudi market by mid-2025, with plans to expand further into Morocco afterward.<\/p>\n

Saudi Arabia: A Strategic Market<\/strong><\/h3>\n

\u201cWe see a significant opportunity for expansion, especially in Saudi Arabia, where fintech is growing at an extraordinary pace,\u201d said Essawy. \u201cWe\u2019ve established strong connections within the Saudi ecosystem and built relationships with regulators, financial providers, and partner banks.\u201d<\/p>\n

Essawy emphasized that the Kingdom represents a key focus for the company, with 80\u201390% of their efforts concentrated on the Saudi market following the expansion.<\/p>\n

Addressing Critical Industry Challenges<\/strong><\/h3>\n

Connect Money aims to solve three major pain points for enterprises looking to incorporate fintech solutions:<\/p>\n

    \n
  1. Regulatory Hurdles<\/strong>: Prolonged compliance and licensing cycles can delay fintech adoption.<\/li>\n
  2. High Infrastructure Costs<\/strong>: Building and maintaining fintech infrastructure requires significant investment.<\/li>\n
  3. Cashless Transition<\/strong>: Many businesses seek efficient solutions to convert cash transactions into cashless operations, reducing operational costs and improving efficiency.<\/li>\n<\/ol>\n

    \u201cOur solution acts as a one-stop shop for embedded finance, handling everything from regulatory approvals to managed services. Essentially, we create a small bank tailored to each client\u2019s needs,\u201d Essawy explained.<\/p>\n

    A Managed Solution for Businesses<\/strong><\/h3>\n

    Connect Money\u2019s platform allows companies to retain ownership of their customers, operations, and legal responsibilities while outsourcing the management of financial services. Essawy cited Uber as an example, highlighting how the ride-hailing company could use the solution to issue cards, manage driver accounts, and offer incentives, all under Connect Money\u2019s managed services.<\/p>\n

    \u201cThis approach ensures that businesses maintain full control over their operations while benefiting from a streamlined and fully managed fintech solution,\u201d he added.<\/p>\n

    \"Ayman
    Ayman Essawy, Connect Money CEO<\/figcaption><\/figure>\n

    Saudi Expansion Plans in Motion<\/strong><\/h3>\n

    Connect Money is already laying the groundwork for its Saudi operations, including hiring a Saudi-based founding member to lead its local office. The company has seen rapid success in Egypt, securing eight contracts within its first year and boasting a 10-week client onboarding process.<\/p>\n

    Essawy noted that Saudi Arabia offers a unique market segmentation, with significant opportunities for mid-sized businesses and untapped segments. \u201cWe aim to bridge the gap between cash and cashless transactions in the Kingdom, especially within the hyper-growth mid-market sector,\u201d he said.<\/p>\n

    Advice for Businesses Expanding to Saudi Arabia<\/strong><\/h3>\n

    Essawy shared his insights on the growing trend of Egyptian companies entering Saudi Arabia. While he recognizes the opportunities, he advises startups to carefully evaluate their margins and growth strategies due to the Kingdom\u2019s high operational costs.<\/p>\n

    \u201cSaudi Arabia offers immense potential, but it requires a strategic approach. Each business model must align with its scalability goals to succeed in this competitive market,\u201d he added.<\/p>\n

    A Unique Position in Fintech<\/strong><\/h3>\n

    As the sole provider of such services in the region, Connect Money anticipates increased competition as the market matures. However, Essawy remains confident in the company\u2019s ability to address market gaps and drive growth across the region.<\/p>\n

    With its strategic entry into Saudi Arabia, Connect Money is poised to contribute to the Kingdom\u2019s vibrant fintech landscape while solidifying its position as a regional leader in embedded finance solutions. Source : Arabnews<\/p>\n

    Corporatenews24,Jubair<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    RIYADH: Egypt-based fintech startup Connect Money is preparing to make its mark in Saudi Arabia, tapping into the Kingdom\u2019s burgeoning fintech sector as part of its 2025 expansion strategy. Founded in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money specializes in a white-label card issuing platform. This platform enables businesses to offer […]<\/p>\n","protected":false},"author":3,"featured_media":2092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[552,85],"class_list":["post-2091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-connect-money","tag-saudi-arabia"],"yoast_head":"\nEgypt\u2019s Connect Money Set to Expand into Saudi Arabia - Corporate News 24<\/title>\n<meta name=\"description\" content=\"Connect money egypt addressConnect money egypt contact Connect money egypt careers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/corporatenews24.com\/?p=2091\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s Connect Money Set to Expand into Saudi Arabia - 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