Egypt’s Fawry in discussions for potential expansion into Saudi Arabia

Egyptian digital payments company Fawry said on Wednesday it is in preliminary discussions a subsidiary of Saudi Arabia’s central bank on licensing and certification opportunities in the kingdom.

The discussions with Saudi Payments are in line with Fawry’s long-term regional expansion plans into the GCC and are expected to culminate in a final assessment by year-end, the Egyptian company said in a bourse filling.

“The Kingdom of Saudi Arabia has a large and promising financial sector, characterised by strong competition in payments and high liquidity, which promotes competition and innovation among all market players.” Ashraf Sabry, CEO of Fawry, said.

“As a leader in innovative e-payment solutions in Egypt, Fawry will be in a position to unlock potential value for the Saudi market and its consumers.”