EFG Hermes signs partnership agreement to set up PayTabs Egypt
EFG Hermes moves into online payments space: EFG Hermes has signed an agreement with online payment platform PayTabs to set up PayTabs Egypt, EFG said yesterday (pdf). The new company will launch before the end of this month, EFG Hermes CEO Walid Hassouna said, according to Al Mal. No details were provided on value of the investment. The move comes as EFG Hermes continues to build its non-bank financial services arm, which already includes microfinance, leasing, factoring and consumer finance, among other offerings.
New services: The fintech partnership with PayTabs will offer digital payment platforms including one-click payments and merchant solutions, the release notes. EFG Hermes’ venture into NBFS has helped the company smooth out its earnings amid the traditional volatility of the investment banking business for which it is best known.