Waleed Sadek: Launching the Yalla platform for financial and non-financial services in the Kingdom is a strategic move for “Yalla” in the region. Our goal is to have over one million users on the platform within the first year of operation in this promising market.
Cairo, September 6, 2023 – Yalla has signed several agreements with major financial companies and institutions, including a memorandum of understanding with Alinma Bank and digital payment provider “Digital Pay”. These agreements are part of Yalla’s strategy to launch its platform in the Kingdom of Saudi Arabia during the current year, offering a unique and unparalleled experience to its customers in the Saudi market. Yalla’s innovative platform will cover various daily needs for its customers in the Kingdom, integrating seamlessly with the Yalla Card for e-commerce and in-store payments.
This announcement took place during Yalla’s participation in the Seamless Saudi Arabia 2023 conference and exhibition, held in Riyadh from September 4th to 5th. The company revealed its plans to launch the Yalla platform, including the “Yalla Super App,” in the Kingdom of Saudi Arabia this year. This platform will provide a wide range of electronic payment solutions, including financial services, bill payments, and online shopping, as well as “Yalla Business” solutions for enterprises and merchants. These solutions will enable them to collect payments, sell products online, and provide electronic salary payment options for employees using Yalla Cards.
Dr. Waleed Sadek, Founder and CEO of Yalla, expressed his enthusiasm for signing agreements with major institutions operating in the Kingdom of Saudi Arabia. He emphasized the importance of Yalla’s participation in the Seamless Saudi Arabia conference, one of the most significant international events in the electronic payments sector, which gathers experts and specialists in electronic payments, financial technologies, e-commerce, and digital marketing from around the world. Dr. Sadek noted that Yalla’s participation in “Seamless Saudi” is a crucial step in preparing for the launch of Yalla and expanding into the Saudi market.
He stated, “The launch of Yalla in the Saudi market is a pivotal milestone for the company. It follows a comprehensive study of the needs and expectations of various individual and corporate customers in the Kingdom, building on the unprecedented success achieved by the Yalla platform in Egypt. Additionally, after the launch of the app in the UAE earlier this year, a significant market in the region, we aim to attract approximately one million Saudi users to the Yalla platform during the first year of operation, offering the best possible services that cater to the desires and needs of our customers in the Kingdom of Saudi Arabia.”
It’s worth noting that the “Yalla Super App” has garnered approximately 2 million users in Egypt, with over 7 million transactions processed through the app, totaling 7 billion Egyptian pounds.