PaySky Discusses the Role of Financial Technology in the Growth and Prosperity of the Economy for the Second Consecutive Time
Waleed Sadek: We take pride at PaySky in being part of this development, where we played a significant role in shaping the future of the financial industry and enhancing financial inclusion in the Middle East and Africa region.
Cairo, January 13, 2024: PaySky participated in the Forbes Under 30 Summit, which took place for the second time in the Middle East at El Gouna City from January 11 to January 14, with the aim of supporting entrepreneurship and empowering young talents in entrepreneurship and innovation.
The summit witnessed the participation of Dr. Waleed Sadek, the founder and CEO of PaySky and Yalla Super App, who spoke about the importance of financial technology and its role in the economic prosperity of countries in the region.
In this context, Dr. Sadek expressed his pride in participating in the Forbes Under 30 Summit for innovation and entrepreneurship for the second consecutive time, emphasizing that this summit reflects the importance of the Egyptian market as a promising and attractive market for entrepreneurs. This is achieved by providing all the components of success and effective participation in achieving sustainable development and accelerating the pace of digital transformation.
Sadek also affirmed that PaySky’s participation is part of the company’s strategy to enhance its presence and expand its reach on both regional and global levels through expansion plans with the Yalla system in the United Arab Emirates, Pakistan, and the Kingdom of Saudi Arabia. By doing so, the company commits to internal growth by developing its workforce and empowering its employees to conduct various financial operations with flexibility.
Sadek emphasized the importance of the role that financial technology plays in the prosperity of countries’ economies and driving growth. This is achieved by increasing the Gross Domestic Product (GDP) and creating new sources of income, such as promoting e-commerce, facilitating international money transfers, and enhancing cooperative economies. Additionally, it assists countries in reducing expenses related to printing, transportation, and securing physical currency, while also helping them monitor various economic tools, accurately collect taxes, and encourage digital transformation in investment methods. Furthermore, it provides solutions that serve various business sectors.
He clarified that the future of the financial industry lies in the hands of financial technology innovators and entrepreneurs. He mentioned that the value of investments injected into Egyptian startups has multiplied five times since 2017, rising from 32 companies to 177 companies in 2022, attracting approximately $800 million until 2022.
He added, ‘We take pride at PaySky in being part of this development, where we played a significant role in shaping the future of the financial industry and enhancing financial inclusion in 18 countries in the Middle East and Africa. We achieved this by providing innovative solutions to central banks, service providers, and banks. We also launched the Yalla Super App to provide individuals, companies, and institutions with the best and easiest digital financial services. Additionally, we aim to offer innovative solutions to address gaps and challenges in the electronic payments and non-banking sectors.
PaySky Company
It’s worth mentioning that PaySky enables its customers through the Yalla Super App to access thousands of merchants, with over 2 million current users. The company provides a diverse range of payment services, including financial services, bill payments, and online shopping, along with services for institutions and merchants. These services empower them to collect payments, sell products electronically, provide tools for paying employee salaries using cards, and make payments to suppliers.
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