Ooredoo develops fintech services in footprint markets, partners with Huawei at MWC23, digital platforms and services
Latest partnership to see Huawei provide its Fintech/Mobile Money platform to Ooredoo’s operating companies
Ooredoo Group has signed a partnership agreement with Huawei to leverage its Mobile Fintech platform to offer Fintech services in markets across the company’s footprint.
Ooredoo already has a strong position in Fintech in Qatar representing a market share of 35% of the overall mobile money transaction value in the MENA region, based on a 2022 GSMA study for the MENA market.
Under the agreement, the two entities will work together for Ooredoo to offer state-of-the-art, mobile-first financial services on Huawei’s platform for both consumers and merchants in Ooredoo’s markets.
The collaboration agreement was signed at Mobile World Congress 2023, the world’s largest and most influential connectivity event which took place from 27 February – 2 March 2023 at Fira Gran Via, Barcelona.
Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo Group, said: “A key pillar of our strategy is to develop our core, and this includes identifying new use cases and exploring new businesses in our immediate proximity to the industry, such as Fintech, where Ooredoo has already established successful operations in our home market of Qatar. Our plan in 2023 is to develop our Fintech marketplace to other markets within our footprint so that we can simplify everyday financial transactions and drive financial inclusion. This new partnership agreement with Huawei will solidly support our efforts in this field.”
Fintech is increasingly giving consumers and merchants worldwide easy access to a wide ecosystem of financial services, from money transfer services to microcredit or insurance services at attractive and highly competitive prices. Latest statistics from industry body GSMA indicate that Mobile Money – as a key element of Fintech – has reached a milestone of $1 trillion in global transaction value, and is increasingly seen as an integral part of the growth of local economies. Based on the GSMA study, Ooredoo is believed to have, in the MENA region, a share of around 35% of transaction value in Mobile Money and will continue its operations in the region with this new partnership agreement.
Li Peng, president of Carrier BG at Huawei said: “This agreement is an important step forward in advancing our long-term strategic partnership with Ooredoo. Huawei is committed to providing industry-leading technology with purpose, which will ensure the realization of this project and help Ooredoo with achieving business success.”
Huawei is an industry leader with innovative Fintech/MFS solutions serving more than 400 million mobile finance users globally. The MFS platform has been named an established leader in the Leaderboard for Digital Money Transfer & Remittances Platform Providers by global advisory and research firm Juniper Research.
