KHAZNA NEGOTIATES WITH 4 BANKS TO LAUNCH NEW FINTECH SERVICES

Amr Saleh, CEO and founder of Khazna for financial solutions, revealed the existence of negotiations and preliminary studies with four local and private banks to launch new fintech services during the current year, including savings, borrowing and car finance, according to the Shorouk News website.

 Khazna services are based on the contracting of companies to provide flexible solutions for the delivery of employees' salaries through Khazna application, including the receipt of an employee's salary early or in part prior to his or her due date, as well as the provision of billing services, and payment offers.

In statements to AlShorouk News, Saleh explained that the company was looking at partnerships with the four banks to ensure the availability of new services, expecting agreements to be completed during the current year, noting that the company's strategy was to expand the provision of fintech services; To reduce the use of cash and to support and stimulate plans for digital transformation and financial inclusion, adopted by the government and the Central Bank.

Saleh explained that Khazna is currently studying the acquisition of three technology companies in the local market, preferring not to disclose further details at the present time.

"We plan to establish a company with special purposes SPAC in cooperation with international investors, and to launch in the financial market both locally and externally, in 2024, and we pay great attention to this file and follow its developments closely." - Saleh added.

On the details of the partnership with Abu Dhabi Islamic Bank to issue a pre-paid Miza card called "Khazna Miza" card, Saleh pointed out that there are 200,000 card requests from the company's clients so far, explaining that the issuance of the cards is still in a trial phase and will be officially launched within the next four months.

Khazna’s CEO noted that at the end of the year, the number of "Khazna Miza" cards was set to reach approximately 500 000, noting that the company was in the process of receiving new, 7-digit dollar funding that will be used to launch new services and develop the company's technology infrastructure.

Saleh stated that Khazna plans to expand externally for the first time in the first quarter of 2023, entering one or two markets, explaining that the company is currently studying expansion in countries in the Middle East, Africa and West Asia.

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