Emirates Post Group is to launch a financial technology arm – Fintx – to expand its footprint within the sector.
Fintx is expected to build an efficient fintech ecosystem and provide a suitable setting for all types of financial technology services. It will also provide a platform for investors and incumbents to collaborate and create digital financial services for the UAE and beyond.
The fintech arm will own, oversee and change the existing financial services companies of Emirates Post Group, which includes the Wall Street Exchange Centre and Instant Cash. Wall Street Exchange Centre is an exchange house in the UAE established in 1982; Instant Cash is a global money transfer operator established in 2004.
Ahmed Mohamed Al Awadi, managing director and CEO of Fintx, said, “Fintx will act as an incubator for fintech innovation. Through the newly established company, we aim to create a one-of-a-kind fintech ecosystem and elevate the diversity and quality of the financial services provided by the existing companies we oversee and new ventures we create. We intend to leverage our robust customer base and the extensive record of financial expertise spanning decades across our wide local and international network, to drive the success of the company.”