e-Finance pushes expansion with B2B e-commerce, digital health, and tourism platforms
What’s next for e-Finance as a public company? Following its blockbuster debut on the EGX as part of the state privatization program last month, e-payments firm e-Finance is focused on the build-out of new lines of business and expanding its regional footprint. The company had said earlier this year that it will use the funds raised through its IPO to invest in growth. Among the priorities: A taxation and B2C receipts platform it’s launching with the Finance Ministry and a digital health services platform with the Universal Health Ins. Authority.
e-Finance is also pursuing a number of non-bank financial services licenses, which it says will “allow the group to provide the full payment value chain” for 22 mn current customers are well as newcomers to its platforms.
Particularly interesting is e-Aswaaq, the company’s new e-commerce platform. Here’s the rundown:
e-Aswaaq, which was launched in 1Q2021, aims to become the first and largest full-fledged, homegrown B2B e-commerce platform in Egypt, e-Aswaaq CEO Islam Mamoun tells us. The platform will source goods from both Egyptian and foreign vendors, giving customers a wide range of products to choose from — and setting itself up as a competitor for other major B2B e-commerce players such as Alibaba.
e-Aswaaq is also getting in on tourist site ticketing management: Apart from its e-commerce activities, e-Aswaaq also has a tourism platform operating under its umbrella to manage EgyMonuments, the government’s online booking and on-site ticketing platform.
e-Aswaaq Misr has contracted with the Ministry of Tourism to build a full portal that kicked off operations with ticketing and booking services at the Egyptian Museum in Tahrir a month and a half ago, followed by the Giza Pyramids, where EgyMonuments began offering its services a little over two weeks ago. e-Aswaaq plans to toll out the platform across Luxor by the end of December, with an eye to be covering the country’s 30 most-visited attractions by H1 2022.
Revenues coming in from the project are already much higher than expected, Mamoun told us. Since launching at the museum in downtown Cairo, it has processed 16 mn transactions, and at the pyramids, it has processed 17 mn transactions.
MEANWHILE- eHealth is launching its services next year: eHealth, the digital healthcare service platform e-Finance launched with the Universal Health Ins. Authority last month ahead of its IPO, is set to begin its service rollout in 1H2022, Executive Chairman and CEO Ibrahim Sarhan confirmed to us. e-Finance is currently hiring talent for the platform, which will manage and operate the tech backbone of the government’s universal health ins. scheme.
AND- e-Tax is will begin offering services next April: Among the new lines of business e-Finance announced previously is E-Tax, its EGP 100 mn joint venture with the Finance Ministry to provide companies and authorities with tech solutions. The now EGX-listed firm said back in April it is ramping up investments in the JV, among other core projects. E-Tax is set to be involved in the nationwide rollout of a digital system through which tourists will be able to claim VAT drawbacks prior to departing from the country.