Page 46 - SAMENA Trends - April 2020

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Egypt's PM Follows Up On Establishment of Telecom Networks in New

Administrative Capital

Egypt’s Prime Minister Mostafa Madbouly stressed the importance of finalizing all began in 2015 as part of the government's
followed up on the latest developments in under-construction projects in the New plan to reduce pressure on the existing
the establishment of telecommunication Administrative Capital on time, while overpopulated capital, expand urban areas
networks and digital transformation taking all preventive measures against and develop the nation’s infrastructure. It
plans at the New Administrative capital. the coronavirus. Last year, Egypt said is being built over 714 square kilometers
According to a statement by the cabinet it would build an EGP 40 billion ($2.53 by tens of thousands of workers, and
on Sunday, Madbouly was briefed by billion) telecommunications network will be home to a government housing
telecommunications minister Amr Talaat in the first phase of the new capital, district, 29 ministries and other state
on projects underway in the new capital, located east of Cairo, the cabinet said in institutions – including the cabinet and
which includes digitizing and preserving a statement on Wednesday. State-owned parliament buildings – and 20 residential
government databases and developing telecom operator Telecom Egypt signed neighborhoods that can accommodate
human capabilities in the digital domain. a deal with the Administrative Capital 6.5 million people. The government was
He was also presented with the latest for Urban Development (ACUD), the planning to relocate ministries to the new
efforts regarding a project to establish company building the mega city, to build capital by mid-2020; however, the move
infrastructure for the telecommunication the network. Construction on the new city, was delayed to 2021 over the coronavirus
networks in the new capital. Madbouly located approximately 45km east of Cairo, outbreak.

Pakistani Fintech SadaPay Gets In-Principle Approval to Launch Mobile Wallet

nearly 1 million new smartphones users coming online every
month. In light of the COVID-19 pandemic, internet adoption is
only accelerating and more people turn to digital solutions for
everyday payments. This presents a tremendous opportunity for
SadaPay not only in Pakistan, but also a number of other regional
markets that the team hopes to expand to. “Sada” translates to
“simple” in both Urdu and Arabic. SadaPay’s mission is to do away
with the cost and complexities of traditional banking through their
simplified digital-first experience. SadaPay offers a smartphone-
based digital wallet accompanied by a free Mastercard debit card.
As soon as a SadaPay account is activated, a virtual debit card is
provisioned for immediate use. Also, users can perform free and
instant transfers to any bank in Pakistan, and withdraw cash from
all of the 14,500+ domestic ATMs with no fees (3x per month).
Furthermore, users can also load their account with cash at any
SadaPay has announced that it has been granted the in-principle of 30,000+ retail locations across the country. Speaking about
approval by the State Bank of Pakistan (SBP) for an Electronic the news on the approval, Brandon stated, “It’s really amazing
Money Institution (EMI) license. This approval allows SadaPay to to see how committed the State Bank of Pakistan is to adapt to
ready its operations for the pilot phase, during which the digital changes in consumer behavior and advances in technology. In
wallet will be available on a limited scale, under supervision of the last few months alone, we’ve witnessed tremendous progress
the regulator – the SBP. Though an official launch date has not by SBP with the release of a number of new regulations that are
yet been disclosed, SadaPay says they will be in beta testing certain to make an incredible impact on Pakistan’s economy by
mode for the coming months to make sure all their systems are catalyzing the digitization of its financial system. We are also very
ready for an official launch later this year. The startup is founded grateful for the support we’ve received from the Bank of Punjab
by American entrepreneur Brandon Timinsky, who ventured to and Mastercard, which will certainly spur our journey towards
Pakistan after his last startup in the US was acquired. Over the rapidly expanding financial inclusion in the country” Speaking on
last year, Timinsky has assembled a team of banking veterans, the occasion, Dr Waqar said, “The role the central bank is playing
liaised with the regulatory authorities, and built the foundation for in laying the foundations of a broad-based and user-friendly
a “digital first” financial institution in Pakistan. Pakistan’s former digital payment system in Pakistan is laudable. These efforts
finance secretary Dr Waqar Masood Khan has joined SadaPay as have gained momentum since last July. Pakistan would soon be
chairman of the board. Pakistan is now the 5th most populous a leading country in digitizing its payment system and SadaPay
country in the world, with over 76 million 3G/4G subscribers and would play a prominent role to achieve this goal.”

46 APRIL 2020