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SAIF Saudi Arabia signs MoU with E-Finance to provide integrated solutions for managing device services
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AL MAL-
The National Security Services Company (SAFE), which is leading the transformation of the security services sector in the Kingdom of Saudi Arabia, announced the signing of a memorandum of understanding with the Egyptian financial facilities operating technology company, E-Finance, which specializes in the field of technical services and providing electronic payment and collection services and technical support.
This step comes as an affirmation of the National Security Services Company’s ambitious strategy, which aims to provide an integrated package of solutions to manage ATM services, point of sale devices, and cash deposit machines using the latest modern technologies.
This came on the sidelines of the 28th session of the Egypt International Technology Exhibition and Conference for the Middle East and Africa “Cairo ICT’24”, which was held during the period from November 17 to 20, 2024 in Cairo under the patronage of President Abdel Fattah El-Sisi under the slogan “The Next Wave.
The two parties agreed, in the presence of Eng. Hossam Al-Jouli, Managing Director of E-Finance, and Turki bin Moatouq Al-Thunayan, CEO of the National Security Services Company SAIF, to participate in the E-Finance strategic initiative that aims to encourage banks and financial institutions to expand their reliance on outsourcing services in the areas of managing ATM services, point-of-sale devices, and deposit machines, including cloud computing services. The two companies will also work closely to enhance their capabilities in providing integrated security solutions in 4 main areas: comprehensive point-of-sale services, comprehensive ATM services, comprehensive cash deposit machine services, and international money transfer services between the Kingdom of Saudi Arabia and the Arab Republic of Egypt. According to the MoU, E-Finance will provide cloud hosting for the system and hosting-related services for the client, in addition to providing specialized expertise to implement the aforementioned areas, in addition to participating in marketing services to banks and non-banking financial institutions, in addition to operating services and direct technical support, while “Safe” Company will provide the necessary devices for cooperation in the agreed upon areas, in addition to providing specialized experts to work with the E-Finance team to build the agreed upon solutions, in addition to participating in marketing and selling services to banks and financial institutions. For his part, Turki bin Mutawaq Al-Thunayan, CEO of the National Security Services Company “Safe”, wholly owned by the Public Investment Fund, confirmed that the company will work with E-Finance to build a work plan in the areas of cooperation to serve financial institutions, locally or internationally by enhancing integration between the parties of the security system with the aim of meeting the aspirations and needs of customers. He added that the partnership with “E-Finance” is an important step towards achieving the company’s ambitions to advance security services in both countries and build a prosperous future by utilizing the best technologies, which enables the company to continue its commitment to contributing to the implementation of both “Saudi Vision 2030” and “Egypt Vision 2030” within the financial sector system. Al-Thunayan explained that “Safe” aims through this partnership to ensure leadership and innovation in the security sector through the main areas provided by the company: consulting services, integrated solutions, training and development programs, and command and control centers, as the company’s unique business model is based on cooperation with the most innovative companies in its field, providing security and safety as a service, and focusing on meeting the specialized needs of the markets in which it operates.
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