Mobily to launch financial services solutions in Saudi Arabia in collaboration with Ericsson

In the presence of Chief Executive Officer of Mobily: Eng. Salman Al-Badran, Chief Executive Officer of Ericsson: Börje Ekholm and President of Ericsson Middle East and Africa: Fadi Pharaon, a cooperation agreement to launch financial services has been signed by the Chairman of the Board of Directors of Etihad Fintech Company: Mr. Ismail Al-Ghamdi and Vice President of Ericsson Middle East and Africa: Mr. Ekow Nelson where Mobily has selected Ericsson (NASDAQ: ERIC) to launch the Financial Services and provide solutions for Saudi customers. Mobily’s new initiative supports the Financial Sector Development Program, which is part of the Vision 2030, which aims to increase the share of Saudi Arabia’s cashless payments to 70 per cent by 2030.

Ayman A. Aleissa, Chief Executive Officer at Etihad Fintech Company says: “Mobily strives to enhance customer experience with a first-of-its-kind, next-generation financial services platform that enables secure and convenient journey for consumers. With the right technology partner like Ericsson, our ambitions to roll out new services that provide added benefits and features to propel financial inclusion and achieve the goals of the Saudi Vision 2030.”

Ekow Nelson, Vice President of Ericsson Middle East and Africa says: “Mobile financial services are a key driver in enabling digital transformation in today's world. Together with Mobily, we aim to make financial services as intelligent and intuitive as possible so Saudi consumers can access and perform secure, financial transactions anytime, anywhere. Our mobile financial solutions will help Mobily extend its trusted brand into financial services and lay the foundation for growing revenues in adjacent markets."

Ericsson's mobile financial services are secure, functional, and easy to use, driving customer and partner growth throughout the mobile-commerce eco-system. Deployed globally, Ericsson's pioneering offerings empower service providers to reduce related costs, attract new customers, drive customer loyalty while accessing new revenue streams, a win-win strategy which drives financial inclusion

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ABOUT ERICSSON:

Ericsson enables communications service providers to capture the full value of connectivity. The company’s portfolio spans the business areas Networks, Digital Services, Managed Services and Emerging Business. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson’s innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

About Etihad Etisalat (Mobily):

Etihad Etisalat (Mobily) is a Saudi company launched commercially in May 2005. Mobily provides integrated services for three main sectors, individuals, businesses, and carriers. It has one of the largest wireless networks by coverage in Saudi Arabia as well as the region, and one of the widest FTTH networks, in addition to one of the largest data center systems worldwide. Mobily has been listed on Saudi Arabia’s Tadawul stock exchange since 2004. Major shareholders are Etisalat Emirates Group (27.99%) and the General Organization for Social Insurance (6.9%). The remaining shares are owned by institutional and retail investors.