Telecom major e & (formerly Etisalat Group) announced on Tuesday that eWallet is undergoing a major transformation into a new fintech company called e & money.
As the fintech arm of e & life (one of the specialized business pillars of e &), e & money aims to revolutionize the customer experience through its innovative financial superapp marketplace.
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The announcement builds on the success that eWallet has achieved to date, and provides both UAE citizens and residents with secure, flexible and contactless payment solutions to make their daily transactions the most convenient way.
Furthermore, as the first wallet licensed by the UAE Central Bank, it enabled new growth opportunities for the telecom and financial sectors. In light of the rapidly evolving fintech industry, consumers and sellers are looking for an integrated financial marketplace or mobile-centric solution to simplify the way they execute transactions. Through rebrand, e & money develops into a comprehensive superapp that covers a number of financial needs of customers, and gives them access to financial services such as merchant payments, money transfers, bill payments, loans, investments, network-marked cards and insurance. services.
Khalifa Al Shamsi, CEO of e & life, said: “We build on the solid foundation for growth through a range of relevant financial products and services that enhance our customers’ lives and add business value to sellers and businesses. Our Fintech company, e & money, demonstrates our commitment to advancing digital fintech solutions that make a difference, and delivers an innovative end-to-end financial marketplace that meets all of our customers’ financial needs as we push beyond traditional services.
“With the evolving financial ecosystem, e & money will set a precedent for embracing the imminent cashless economy by leveraging e & s brand value and our strong customer base in the UAE and other operating markets. We also welcome strategic partnerships with start-ups and fintech technology players. the area to bring first-class technologies and innovative solutions such as AI-based platforms, credit scoring algorithms and advanced analytics platforms that will benefit our customers and address the growing demand for a financial super-app marketplace. “
UAE citizens, citizens, and UAE-based businesses will benefit from e & money through an enhanced customer experience that enables them to conduct their financial transactions seamlessly, conveniently, and securely, and stimulates a cashless economy.
The Fintech company will open more doors to digital financial systems that will serve banking, ubank and subbank customers in the UAE. At present, 55 percent of total cash payments are made in the UAE, making it a dominant payment option in the country.
The move will not only break down barriers that customers face when they gain access to financial services further, but it will also support the UAE’s ambitions for continued socio-economic development and a cashless economy.
Read more: UAE’s Etisalat Group launches new brand identity that marks global strategy
