Mastercard has partnered with UAE-headquartered PSP Network International in order to introduce a digital platform with the goal of promoting the adoption of virtual payments across the MENA region.
With this new digital platform going live this month, Network International plans to help its customers with performing mobile-based payments for their consumers and merchants across several different channels.
Merchants will be able to use a technology interface through which they can accept multiple payment types, such as USSD and QR codes to standard POS and e-commerce transactions. Additionally, merchants will be able to access mobile money and Tap on Phone, enabling them to accept contactless card payments directly via their mobile phones or tablets.
According to a release, the solution will be rolled out across most MENA region countries in the coming months. Payment issuers and banking service providers will have the option to offer their consumers payment solutions like digital wallets, person-to-person payments and virtual cards as well.
In other MENA region news, Supply@ME, the Fintech platform that offers a special Inventory Monetization service to European manufacturing and trading firms, has confirmed that it’s now authorized to provide SYME’s Shariah-compliant Inventory Monetization Platform to businesses in the Middle East and other nearby countries.
In November 2020, Supply@ME had announced its intention to introduce a product specifically for the Islamic finance sector. The Fintech firm has now obtained approval from the Shariah Scholar Board. SYME is now authorized to market its Islamic investment product with its fund specialist (which has yet been officially announced).
The announcement from the Shariah Scholar Board stated:
“An official pronouncement has been released by Sheikh Dr.Mohamed Elgari and Sheikh Yusuf Talal DeLorenzo in their capacity as members of the Shariah scholar board (the ‘Sharia Scholar Board’) in relation to the inventory monetization service.”
The update further noted:
“The functional and the legal structure of the Inventory Monetization Investment (‘Inventory Monetization Structure’) has been presented to the Shariah Scholar Board. The Shariah Scholar Board, following a review in compliance with the AAOIFI Shariah standards, hereby approves the Inventory Monetization Structure as acceptable within the principles of Shariah.”
Supply@ME has started working cooperatively with its business partner iMASS to handle the onboarding process of an initial portfolio of MENA region client firms.
Supply@ME recently finalized a deal with Lenovo Financial Services (for the Middle East region) to provide SYME’s inventory monetization platform to Lenovo’s network of clients.
Alessandro Zamboni, CEO at Supply@ME Capital plc, stated:
“I’m thrilled to have the opportunity to deliver our unique inventory monetization investment product into the growing Islamic finance sector. Indeed, the Bank of England has recently commented that certain key aspects of Islamic finance make it particularly well suited for financing the post-Covid recovery. This resonates strongly with Supply@ME’s own mission to help and support business owners to create liquidity from their stock, thereby optimizing inventory days, especially during this crucial phase of the economic cycle.”