Ayman Eisawy, CEO of Lucky, confirmed that the company has already started the process to obtain a Payment Service Provider (PSP) license. This is a strategic move aimed at supporting Lucky's expansion in digital services and boosting its technological capabilities within the local payments market. Eisawy pointed out that this step comes at a time when Egypt's FinTech sector is experiencing rapid regulatory developments. This is especially true with the notable progress in payment systems and digital infrastructure, along with the introduction of PSP licenses. He sees this as a significant turning point and a great opportunity for companies looking to expand their presence. He added that these regulatory changes open doors for FinTech companies that are ready to grow and comply with new standards. This allows them to offer advanced financial solutions that help drive digital transformation and promote financial inclusion, aligning with the state's goals to digitize the economy and improve the efficiency of financial services. It's worth noting that Lucky recently announced the close of its Series B funding round, raising $23 million in both equity and debt. This reflects investors' confidence in the company's ability to grow and deliver innovative financial services in the Egyptian market.
Tags
Related editorial
Bait Al Manshaat Ventures Fund Invests $500,000 to Fuel 5 Saudi Tech Startups
Bait Al Manshaat Ventures Fund has just injected $500,000 into five promising Saudi tech startups. These crucial pre-seed investments were made using SAFE agreements, a straightforward way to give investors future equity, helping these innovative companies kickstart their journey.
Vodafone Egypt and Al Ahly Club Partner to Boost Digital Sports Experience
This exciting new partnership marks a big step forward for Egyptian sports. It brings together advanced technology from Vodafone Egypt with the strong presence of Al Ahly Club to create a more innovative and digital sports experience for fans.
Qatar Insurance Wins Top Award for Redefining Digital Experience with Innovative Platform
Hey there! Qatar Insurance just snagged the 'Best Digital Insurance Initiative in Qatar' award. They won it for creating an awesome platform that blends insurance services with everyday life needs, really pushing the boundaries of innovation and digital transformation in the industry. It's a big win for them and for customers!
MIS Teams Up with Saudi Fransi Capital to Power Up Saudi Arabia's Data Centers
MIS (Al Moammar Information Systems) and Saudi Fransi Capital are joining forces to explore building three major new data centers in Riyadh, Dammam, and Jeddah. MIS will handle the development, design, and management of these facilities, which aim to add a significant 48 megawatts of capacity to Saudi Arabia's digital infrastructure, supporting the nation's digital transformation goals.