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e& (formerly Etisalat Group) announced that eWallet is undergoing a major transformation into a new fintech company called e& money.
As the fintech arm of e& life, one of e&’s specialized business pillars, e& money aims to revolutionize customer experience through its innovative financial super-app marketplace.
The announcement builds on the success of eWallet to date, providing UAE citizens and residents with a secure, flexible and contactless payment solution to conduct everyday transactions in the most convenient way.
growth opportunities
Additionally, as the first wallet licensed by the UAE Central Bank, it brings new growth opportunities to the telecommunications and financial services industries. Given the rapid growth of the fintech industry, consumers and merchants are looking for an integrated financial marketplace or mobile-centric solution to simplify the way they conduct transactions.
Through the rebranding, e&money is evolving into a comprehensive super app that caters to customers’ various financial needs, enabling them to access financial services such as merchant payments, remittances, bill payments, lending, investing, online branded cards and insurance Serve.
Khalifa Al Shamsi, CEO of e&life, said: “We are building a solid foundation for growth through a range of related financial products and services that improve the lives of our customers and add business value to merchants and businesses. Our FinTech The company e& money demonstrates our commitment to advancing digital fintech solutions to make an impact, providing an innovative end-to-end financial marketplace that meets the financial needs of all our clients while we go beyond traditional service areas.
Evolving financial ecosystem
“As the financial ecosystem continues to grow, e&money will set a precedent for embracing the coming cashless economy by leveraging e&’s brand value and our strong customer base in the UAE and other markets where we operate. We also welcome collaborations with the fintech space. Start-ups and technology players forge strategic partnerships to bring best-in-class technology and innovative solutions, such as artificial intelligence-based platforms, credit scoring algorithms and advanced analytics platforms, that will benefit our clients and address financial concerns The super app market is growing in demand.”
UAE citizens, residents and UAE businesses will benefit from e-money through an enhanced customer experience, enabling them to conduct financial transactions in a seamless, convenient and secure manner, driving a cashless economy.
The fintech company will open more doors to the digital financial system, serving the UAE’s banked, unbanked and underbanked customers. Currently, 55% of total payments in the UAE are made in cash, making it the main payment method in the country. This move will not only further break down the barriers that customers face when accessing financial services, but will also support the UAE’s ambitions for sustainable socio-economic development and a cashless economy. — arab trade news agency
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