e& (formerly Etisalat Group) today announced that eWallet is undergoing a major transformation into a new fintech company called e& money. As the fintech arm of e& life (one of the specialist business pillars of e&), e& money aims to revolutionise the customer experience through its innovative financial super app marketplace.
The announcement builds on the success that eWallet has achieved to date, providing both UAE citizens and residents with safe, flexible and contactless payment solutions to make their daily transactions in the most convenient manner. Furthermore, as the first wallet licensed by the Central Bank in the UAE, it enabled new growth opportunities for the telecom and financial services sectors. In light of the fast-evolving fintech industry, consumers and merchants are seeking an integrated financial marketplace or mobile-centric solution to simplify the way they carry out transactions. Through the rebrand, e& money is evolving to become a comprehensive super app that addresses a variety of financial needs of customers, giving them access to financial services such as merchant payments, money remittances, bill payments, lending, investments, network branded cards and insurance services.
Khalifa Al Shamsi, CEO of e& life, said: “We are building on the solid foundations of growth through an array of relevant financial products and services that enhance our customers’ lives and add business value to merchants and businesses. Our fintech company, e& money, demonstrates our commitment to advancing digital fintech solutions that make a difference, delivering an innovative end-to-end financial marketplace that meets all of our customers’ financial needs as we push beyond the realms of traditional services.
“With the evolving financial ecosystem, e& money will set a precedent for embracing the imminent cashless economy by capitalising on e&’s brand value and our strong customer base in the UAE and the other operating markets. We also welcome strategic partnerships with start-ups and technology players in the fintech space to bring best-in-class technologies and innovative solutions such as AI-based platforms, credit scoring algorithms, and advanced analytics platforms that will benefit our customers and address the growing demand for a financial super app marketplace.”
UAE citizens, residents, and UAE-based businesses will benefit from e& money through an enhanced customer experience that enables them to do their financial transactions in a seamless, convenient and secure way, spurring a cashless economy.
The fintech company will open more doors to digital financial systems that will serve banked, unbanked and under-banked customers in the UAE. Currently, 55 percent of total payments are made in cash in the UAE, making it a dominant payment option in the country. The move will not only break down barriers customers face when accessing financial services even further, but it will also support the UAE’s ambitions for continued socio-economic development and a cashless economy.