Egypt-based buy-now pay-later FinTech platform valU Consumer Finance has joined forces with e-commerce major Amazon to ease consumer financing, the company said on Thursday.
The partnership aims to offer consumer financing by valU as a payment method on amazon.eg.
Under the agreement, valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing them with an option to split the total cost of purchases into several payments by using valU, the company said.
Established in 2017, valU is a fully owned subsidiary of Egypt’s EFG Hermes bank.
EFG Hermes and Amazon entered into an agreement whereby Amazon agreed to acquire “$10 million in EFG Hermes GDRs [global depositary receipts] with the option to replace that investment into valU at a future date, translating into a stake of more than 4.2 per cent of the issued share capital of valU, based on a current post-money valuation of valU of $235m”, EFG Hermes said in a statement.
Amazon, which operates a widespread local logistics and operations network across Egypt, has been operating in the country since 2017 through its company Souq.com. Last July, it launched a dedicated platform called amazon.eg in the Arab world’s most populous country.
The e-commerce company launched amazon.ae in the UAE in May 2019, after acquiring the home-grown Souq for $580m in 2017. It launched amazon.sa in Saudi Arabia in June 2020.
Currently, small and medium enterprises account for more than half of products on Amazon’s online stores globally.
With more than 3,500 points of sale, valU offers customisable financing plans and access to a wide network of retail and e-commerce providers across diverse sectors, including residential solar solutions, home appliances, electronics, education, travel and home furnishings, among others.
Its customers are able to receive instant credit decisions through their smartphones and gain access to the platform’s partners.
EFG Hermes serves frontier and emerging markets and its footprint spans 13 countries, including Jordan, the UAE, Saudi Arabia, the UK, Bangladesh and Nigeria.
With an operational history of more than three decades, EFG Hermes’ footprint spans 13 countries across four continents. In select markets it also offers leasing, consumer finance and microfinance services, its website says.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
THURSDAY FIXTURES
4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
