Riyadh – Sharikat Mubasher: United International Holding Company announced signing a Memorandum of Understanding with Egypt’s Nowpay Corp to establish a company for the purpose of providing payroll administration and processing services through Fintech in the Kingdom of Saudi Arabia.

In a statement on Tadawul, the United International Holding Company stated the purpose of this cooperation is to provide payroll administration and processing services through Fintech in the kingdom, by injecting worth SAR 75 million of initial investments, post granting the required necessary approvals from the concerned regulators.

The Company shares will be 75% owned by United International Holding Company & 25% will be owned by Nowpay Corp. with the MoU spans two months extendable.

It's worth noting that Nowpay Company specializes in providing payroll administration and processing services through Fintech, that through a financial wellness platform for employees, to enable the workforce to better manage their budget.

Nowpay is providing its services in Egypt, partnering with 350 Companies across various sectors, serving more than 300,000 employees benefiting from NowPay’s financial wellbeing solutions.