UAE’s official postal operator Emirates Post Group (EPG) has announced that it will launch its new fintech arm ‘FINTX’ during GITEX Global 2022, which will be held in Dubai from October 10 to 14.
The new company is focused on establishing an enhanced and effective fintech ecosystem through transforming its existing financial services companies, in addition to launching new ventures with compelling product offerings and building strategic partnerships with established companies and startups.
Furthermore, FINTX is expected to diversify Emirates Post Group’s portfolio by expanding its footprint within the fintech industry.
According to the statement, “The new company will also focus on building an efficient fintech ecosystem as well as provide a suitable setting for the synergy of all types of financial technology services. It will also provide a platform for investors, incumbents, and innovators to collaborate and create the digital financial services of the future, for the UAE and beyond.”
FINTX will own, oversee, and transform the existing financial services companies of Emirates Post Group, which includes Wall Street Exchange Centre, and Instant Cash. Wall Street Exchange Centre is an exchange house in the UAE established in 1982, and Instant Cash is a global money transfer operator established in 2004.
During GITEX, the new company will showcase to the public its new strategy, services, and ambitions for the future, as per the statement.
Mr. Ahmed Mohamed Al Awadi, Managing Director and CEO of FINTX said that, “FINTX will act as an incubator for fintech innovation. Through the newly established company, we aim to create a one-of-a-kind fintech ecosystem and elevate the diversity and quality of the financial services provided by the existing companies we oversee, and new ventures we create.”
“We intend to leverage our robust customer base and the extensive record of financial expertise spanning decades across our wide local and international network, to drive the success of the company,” Mr. Al Awadi added.