MOU between the National Security Services Company “SAFE” and “eFinance” for Providing a Comprehensive and Secure Security System for Digital Payments
the National Security Services Company (SAFE), one of the Public Investment Fund Companies Leading the transformation in the security services sector. in the Kingdom of Saudi Arabia, announced today the signing of a memorandum of understanding ( MOU) with the Egyptian financial technology company “eFinance,” which specializes in technical services and providing electronic payment and collection services, along with technical support.
This step confirms the ambitious strategy of “SAFE” which aims to offer a comprehensive package of solutions for managing ATM services, point-of-sale devices, and cash deposit machines using the latest technologies.
This announcement was made on the sidelines of the 28th session of the Cairo ICT International Technology Conference and Exhibition for the Middle East and Africa, held from November 17 to 20, 2024, in Cairo, under the auspices of His Excellency President Abdel Fattah El-Sisi, the president of the Arab Republic of Egypt, and under the slogan “The Next Wave.”
Both parties, in the presence of Engineer Hossam El-Goly, eFinance’s member of board of directors and Mr. Turki bin Maatouq Al-Thonayan, CEO of the National Security Services Company “SAFE” agreed to participate in the strategic initiative of “eFinance,” which aims to encourage banks and financial institutions to expand their reliance on outsourcing services in managing ATM services, point-of-sale devices, and cash deposit machines, including cloud computing services. The two companies will work closely to enhance their capabilities in providing integrated security solutions in four key areas: first, comprehensive point-of-sale services; second, comprehensive ATM services; third, comprehensive cash deposit machine services; and finally, international money transfer services between the Kingdom of Saudi Arabia and the Arab Republic of Egypt.
According to the memorandum of understanding, “eFinance” will provide cloud hosting for the system or related services at the client’s site, in addition to providing specialized expertise to implement the mentioned areas. They will also participate in marketing services to banks and non-banking financial institutions, alongside operational services and direct technical support. Meanwhile, “SAFE” will provide the necessary equipment for collaboration in the agreed areas, along with offering specialized experts to work with the “eFinance” team to build the agreed solutions and participate in marketing and selling services to banks and financial institutions.
For his part, Mr. Turki bin Maatouq Al-Thonayan, CEO of the National Security Services Company “SAFE,” which is wholly owned by the Public Investment Fund, emphasized that “the company will work with ‘eFinance’ to build a work plan in areas of collaboration to serve financial institutions, locally or internationally, by enhancing integration among the security system’s parties to meet customer aspirations and needs.”
