MLG, a leading $40 Billion Emirati conglomerate and presence across 17 countries in the MENA region, and Sipay, a pioneering Turkish fintech company, have announced a strategic partnership to launch an embedded finance and payments platform tailored for the GCC region. With its extensive scope and scale, this partnership is set to be the largest of its kind in the region, empowering businesses and enhancing financial accessibility across the GCC.
Backed by the Abu Dhabi Investment Wealth Fund, MLG leads digital transformation initiatives for government entities across sectors such as public transportation and justice departments. The group is also spearheading the Regional Commodity Trading Platform, further solidifying its role as a key player in regional economic growth.
The GCC region, home to over 50 million people with a combined GDP of approximately $1.6 trillion, has witnessed a rapid surge in demand for fintech solutions. This strategic partnership between MLG and Sipay aims to address this growing need by offering innovative embedded financial and payments services to businesses across the region.
Sipay was chosen for this collaboration due to its leading-edge technology, operational excellence, and fast deployment capabilities. The fintech company will provide the technology infrastructure and consumer-facing applications for all of MLG’s projects, beginning with the digital transformation of Egypt’s public transportation system, the Egypt National Payment Gateway, and supporting the transformation of small and medium-sized banks in the region.
“We are thrilled to partner with Sipay in this groundbreaking initiative,” said Mr. Abdul Jabbar Al Sayegh, Chairman of MLG. “This collaboration reflects our commitment to enhancing the regional economy and supporting local businesses through innovative financial solutions. Together, we will create a platform that not only empowers businesses but also strengthens trade relations within the GCC.”
Sipay’s CEO, Nezih Sipahioglu, remarked, “Our partnership with MLG represents a significant step forward in our mission to democratize financial services. By combining our technological expertise with MLG’s deep understanding of the regional market, we aim to create a seamless and efficient financial ecosystem that benefits businesses throughout the GCC. This partnership is an integral part of Sipay's overall global expansion strategy to leverage our leading-edge technology outside of our core market.”
With its extensive reach and ambitious goals, this partnership stands as the largest of its kind in the region, poised to strengthen trade relations, boost economic collaboration, and foster financial inclusion across the GCC.