Ooredoo develops fintech services in footprint markets; cooperates with Huawei at MWC 23
Ooredoo Group has signed a partnership agreement with Huawei during Mobile World Congress 2023 to leverage their mobile fintech platform to offer fintech services in markets across the company’s footprint. Ooredoo already has a strong position in fintech in Qatar representing a market share of 35% of the overall mobile money transaction value in the Mena region, based on a 2022 GSMA study for the Mena market. Under the agreement, the two entities will work together for Ooredoo to offer state-of-the-art, mobile-first financial services on Huawei’s platform for both consumers and merchants in Ooredoo’s markets. Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo Group, said: “A key pillar of our strategy is to develop our core, and this includes identifying new use cases and exploring new businesses in our immediate proximity to industries, such as fintech, where Ooredoo already have established successful operations in our home market of Qatar.” Our plan in 2023 is to develop our finnet ech marketplace to other markets within our footprint, enabling us to simplify daily financial transactions and drive financial inclusion. This new partnership agreement with Huawei will solidly support our efforts in this field.” Fintech is increasingly giving consumers and merchants around the world easy access to a wide ecosystem of financial services, from money transfer services to microcredit or insurance services at attractive and highly competitive prices. The latest statistics from the industry organization GSMA indicate that mobile money, as a central element of fintech, has reached a milestone of $1 tn in global transaction value, and is increasingly considered an integral part of the growth of local economies. Based on the GSMA study, Ooredoo is believed to have, in the Mena region, a share of approximately 35% of the transaction value in mobile money and will continue its operations in the region with this new partnership agreement. Li Peng, president of Carrier BG at Huawei, said: “This agreement is an important step forward in advancing our long-term strategic partnership with Ooredoo. Huawei is committed to providing industry-leading technology with a purpose that will ensure the realization of this project and help Ooredoo achieve business success.” Huawei is an industry leader with innovative fintech/MFS solutions serving more than 400 million mobile finance users globally.The MFS platform has been named an established leader in the Digital Money Transfer & Remittances Platform Providers Leaderboard by global advisory and research firm Juniper Research.
