In a significant development for the fintech landscape in the United Arab Emirates (UAE), e& money, a digital wallet licensed by the Central Bank of the UAE, has entered into a strategic multi-year partnership with Ericsson, a global leader in communications technology.
This collaboration aims to fortify and expand e& money’s fintech platform, enhancing its capabilities and security for an increasingly dynamic financial services market.
As part of this partnership, e& money will leverage Ericsson’s advanced fintech solution, the Ericsson Wallet Platform, to fortify its underlying infrastructure. The goal is to ensure a more robust and reliable framework for managing financial transactions efficiently, addressing the growing demands of clients and businesses alike.
e& money CEO Melike Kara Tanrikulu said: “Our collaboration with Ericsson is aimed at ushering in a new era of fintech reliability. This joint endeavour underscores e& money’s commitment to enhancing digital experiences and equipping individuals and businesses in the United Arab Emirates with reliable financial solutions.
“With Ericsson’s support, we aim to set new standards in fintech, transforming the financial landscape in the region.”
Ericsson Wallet Platform is built on cutting-edge security technologies and an open architecture framework, allowing it to deliver secure and personalised financial services across a range of digital channels. This modernisation and expansion of the platform signifies a significant milestone in e& money’s journey, positioning it to evolve into a prominent financial super app in the burgeoning UAE fintech sector.
e& money’s mission revolves around providing UAE citizens and residents with secure, user-friendly, and swift payment solutions via an intuitive mobile application. The platform’s reach extends to encompass a broad spectrum of businesses and individuals, facilitating seamless digital transactions and payments.
The wallet offers a diverse array of services, including international and local transfers, prepaid cards, payment processing, and gifting solutions.
The Ericsson Wallet Platform, known for supporting over 400 million registered mobile wallets and processing an impressive 2.8 billion transactions, worth over $40bn every month, through communication service providers and financial institutions worldwide. This partnership leverages Ericsson’s open architecture and seamless integration capabilities to empower e& money to explore new revenue streams and expand its service offerings.
The collaboration between Ericsson and e& money is rooted in their shared commitment to enhancing financial inclusion and well-being. Both organisations are dedicated to delivering secure and innovative solutions that empower and transform the financial landscape in the region.
Ericsson Middle East and Africa vice president and e& global customer unit head Ekow Nelson said: “We aim to empower individuals and businesses with secure, efficient, and inclusive financial services. Our Mobile Financial Services platform combine the power of mobile communication and financial services and will provide e& money with the tools needed to elevate its capabilities.
“This will allow e& money to offer easy-to-use and secure next-generation mobile money, digital wallet, and digital payment services. We are committed to supporting e& money in transforming the fintech landscape in the country, driving economic growth, and delivering convenient mobile financial services that are aligned to a digital lifestyle of today’s consumers.”
