The national developer of Egypt's digital payment network, eFinance, and US technology conglomerate IBM have teamed up to expand secure payments services.
Services being utilised by eFinance will now use the latest IBM Power servers, streamlining business processes and lowering energy consumption by up to 52 per cent compared to previous generations, New York-based IBM said in a statement on Friday.
The partnership will accelerate digital transformation and improve customer experience by leveraging the advantages of financial technology, Hossam El Gouly, chief executive of eFinance, said.
“As we accelerate into the future of FinTech, we need the most advanced technology to underpin our ongoing digital transformation efforts to support our public and private sector clients and provide them with the best-in-class services," he said.
Egypt, the Arab world's third-biggest economy, aims to become a digital-first economy, aligned with its Vision 2030 strategy.
Among Cairo's programmes is Digital Egypt, which aims to facilitate the transition and prepare the country for a technology-focused future economy.
The global digital transformation market is projected to hit about $3.95 trillion by 2030, from about $608 billion in 2021, growing at a compound annual rate of more than 23 per cent, data from Grand View Research indicates.
Global end-user spending on public cloud services is expected to reach the $600 billion mark in 2023, with inflationary pressures dictating how much growth the industry will be able to carve out, a study from Gartner showed this month.
FinTech — which remains the highest-funded industry across emerging venture markets, according to start-up data platform Magnitt — is one of the main pillars, as the country is promoting financial inclusion and helping make banking services available to all people.
Aside from big companies, start-ups are also playing a key role in growing the FinTech industry: about 99 per cent of FinTech funding was concentrated in Egypt, the UAE, Saudi Arabia and Bahrain, Magnitt said.
The partnership between eFinance and IBM will also include the introduction of streamlined operations across physical infrastructure and the hybrid cloud.
As a result, eFinance will be able to host customer data and workloads more efficiently, reducing the footprint of its data centres and floor space by up to 40 per cent, and energy consumption by 50 per cent.
“As financial organisations progress on their modernisation journeys, they need an approach that allows various cloud-based applications to work in concert," said Marwa Abbas, general manager of IBM Egypt.
"A hybrid cloud approach offers the needed flexibility, resiliency and sustainability for eFinance to cater to their clients’ demands and accelerate their ongoing digital transformation journey."
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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More coverage from the Future Forum
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UAE currency: the story behind the money in your pockets
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
