Riyadh – Sharikat Mubasher: Egypt’s digital money transfer firm Fawry, announced finalizing the signature of multiple contracts with Saudi bodies before the end of this year to launch its operations in the Kingdom of Saudi Arabia.

The move is part of its regional expansion plans into the Gulf Cooperation Council region, according to a statement by Ashraf Sabry, CEO of Fawry to Asharq Business.

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population, which announced plans to turn its online payment portal myFawry into a digital bank in 2023.

It was also the first banking agent in Egypt to obtain a license from the Central Bank of Egypt (CBE) to provide banking and financial services to individuals and companies, including account deposits and withdrawals, credit card payments, and more.