With the global digital payments market expected to reach US$ 12.55 Trillion by 2027, the FintechCashier Group announces its investment of £10 million into the Middle East and North Africa (MENA) region. With its partner, Romin Holdings WWL, the UK-based innovative fintech is creating a financial gateway centre based in Bahrain expanding its services to the fast growing digital payment solution merchants in this part of the world.
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“Romin Holdings is a prestigious global investment and business development company with over 30 years’ experience, diverse interests and capabilities in the MENA region, and is the perfect partner to expand our digital asset investments in the region with.” states Shalom Dodoun, Founder & Director of Fintech Scion Ltd., the holding company of FintechCashier.
According to a recent report by the World Bank on the digital economy in the MENA region, “fully digitalizing the economy could lead to a rise in GDP per capita of at least 46% over 30 years, or in dollar terms a long-term gain of at least $1.6 trillion. During the first year, this GDP per capita gain for the region would be almost $300 billion“. MENA countries include Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen.
Dr. A. Latif Alkhaja, distinguished Founder of Romin Holdings and Shalom Dodoun met at FintechCashier’s Head Office in London to confirm the £10 million investment including ongoing discussions with the Central Bank of Bahrain to open a category one investment firm.
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This will enable FintechCashier to provide regulated investment services to clients including dealing in financial instruments as principal; dealing in financial instruments as agent; arranging deals in financial instruments; managing financial instruments; safeguarding financial instruments; advising on financial instruments; arranging credit and advising on credit; and operating a collective investment undertaking. They are seeking the highest permission from the regulators in Bahrain as well as partnering with SWIFT.
With their network of financial partners and banks, FintechCashier helps SMEs, Family Offices and next-generation companies to reach the world. They service 150 countries, offer 35 processing currencies, 20 settlement currencies, partner with over 100 banks – all accessible via 1 gateway. Their payment ecosystem offers a variety of payment types, including E-wallets, IBANs, credit cards, open banking, Swift, Chaps, Sepa, Wire Solutions, Settlement Accounts, is crypto friendly and an extensive e-commerce shopping cart, all in a one-step integration.
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