Wadi Degla Developments forges strategic partnership with Subsbase

Wadi Degla Developments forges strategic partnership with Subsbase

Cairo, Egypt: Wadi Degla Developments, a prominent real estate developer in Egypt, has entered a strategic partnership with Subsbase backed by Banque Misr, one of its key investors. Subsbase, a leading platform for managing recurring revenue and subscriptions. The collaboration aims to integrate receivables transactions into Wadi Degla Developments’ systems and facilitate overseas recurring payments as well. The partnership anticipates providing enhanced financial visibility, improved cash flow management, stronger customer relationships, and additional growth opportunities for Wadi Degla. Raymond Ahdy, Deputy CEO of Wadi Degla Developments, expressed enthusiasm for the partnership, emphasizing its significance in aligning real estate payments with modern banking services. He stated, "This move represents a substantial shift in our internal practices, reaffirming our commitment to customers by facilitating processes aligned with today’s commercial realities." In a sector falling behind in adopting real-time payments, Wadi Degla's initiative addresses challenges like delayed payments and late fees, common with the reliance on paper checks. Real estate companies have been slow to embrace modernized payment methods, with only about 1% engaging in real-time payments. Legal and IT challenges, along with costs, contribute to this hesitation. Mohamed Farag, CEO of Subsbase, highlighted the impact of the partnership. "Our partnership with an