e& money and Ericsson partner to fortify the fintech service in the UAE
- Ericsson’s fintech solution, the Ericsson Wallet Platform, will bolster e& money’s infrastructure, making it more secure and reliable.
- The multi-year contract with Ericsson is set to to equip e& money with the necessary tools to deliver reliable financial services to a broad spectrum of customers.
e& money has partnered with Ericsson (NASDAQ: ERIC) for a strategic multi-year partnership to strengthen and expand their fintech platform. Through Ericsson’s leading fintech solution, the Ericsson Wallet Platform, will bolster e& money’s infrastructure, making it more secure and reliable to manage transaction processes effectively.
Founded on cutting-edge security technologies and the principles of an open architecture framework the Ericsson Wallet Platform will provide secure and personalized financial services to a wide range of users through a variety of digital channels. The modernization and expansion of the platform marks a pivotal moment in e& money's evolution as it aims to become a financial super app in the region's flourishing fintech sector.
e& money empowers citizens and residents in the United Arab Emirates (UAE) with secure, convenient, and swift payment solutions delivered through an intuitive mobile application. e& money extends its services to encompass businesses and individuals from all segments of society facilitating seamless digital transactions and payments. The wallet offers a wide array of services, ranging from international and local transfers, prepaid cards, payment processing and gifting.
Melike Kara Tanrikulu, Chief Executive Officer, e& money says: "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."
The Ericsson Wallet Platform supports over 400 million registered mobile wallets and processes more than 2.8 billion transactions worth over USD 40 billion every month through communication service providers and financial institutions globally. With open architecture and easy integration, the Ericsson Wallet Platform will enable e& money to discover new revenue streams and expand services as it advances digitization of financial transactions and fosters economic growth in the UAE.
Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa says: "Our partnership with e& money is long-standing with a joint commitment to revolutionize fintech across the United Arab Emirates. 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.”
With pioneering technologies and a shared commitment to financial inclusion and well-being, Ericsson and e& money remain committed to delivering secure and innovative solutions that empower and transform the region’s financial landscape.
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Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company’s portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. 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