Paymob announces UAE as regional hub
- Date: 02-Nov-2022
- Source: Mubasher
- Sector:Financial Services
- Country:UAE
Paymob announces UAE as regional hub
Dubai – Mubasher: Leading omnichannel payments facilitator in the MENAP region, Paymob, has embarked on the next phase of its expansion plans by announcing the UAE as its regional hub.
This step marks a milestone in Paymob’s global growth plans, driven by recent Series B funding led by PayPal Ventures. Paymob plans to make a sizeable investment in the UAE market over the next three years, according to a press release on Wednesday.
The expansion into the UAE market will empower small and medium enterprises (SMEs) and microbusinesses across the seven Emirates.
“The UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, largely enabled by tremendous support from the public sector. There are currently over 400,000 businesses in the UAE, 61% of which are microbusinesses and 38% are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15% of those merchants with the latest payment technologies to fuel their growth and further digitise the economy,” said Islam Shawky, CEO and Co-founder of Paymob.
In the meantime, seasoned Emirati financial services professional, Omar Haddad, has been named as Paymob’s General Manager for the GCC based in the UAE. Haddad will grow