PayMint, Egypt Commodities Exchange Team Up to Develop Internal Financial Payment System
Fintech startup PayMint signed a cooperation protocol with Egypt’s Commodities Exchange (EMX) to develop EMX’s internal financial payment system. PayMint leverages innovative solutions to improve infrastructure of the internal trade system and support the government’s vision to safeguard small farmers and producers. This entails setting up a state-of-the-art e-platform which provides and categorizes commodities via an organized market to boost competitiveness of small farmers and producers. The protocol reflects expansion-focused plans of both PayMint and EMX and the growing role of startups in the Egyptian economy.
The protocol marks a new milestone for PayMint, which has become a key mainstay of the Egyptian e-payment sector. PayMint offers a bundle of cutting-edge services for small and medium-sized enterprises (SMEs), especially salary payments, working capital financing, and supplier payments. In April 2022 PayMint secured a seven-figure seed funding round from the AUR Fintech Fund of AUR Capital Group.
Mohamed Rabie, Managing Director of PayMint, said: “We are pleased to succeed in completing this partnership with EMX. It promotes integration and closer cooperation between big entities, through which the state works to regulate the markets, and startups seeking to sustain development and digitization through providing innovative e-payment tools for stakeholders of EMX.”
“We are working toward creating an innovative platform for EMX in alignment with up-to-date global systems in this field to be a reliable, integral part of EMX’s full-fledged e-system. Currently, PayMint is seeking to close a new funding round to boost its expansion plan in the e-payment and fintech sectors and to enter into new partnerships,” Rabie said.
For his part, Mohamed Yehia, Deputy Chairman of PayMint, said startups are playing a vital role in promoting economic development efforts in Egypt by introducing innovative solutions in different realms and striking partnerships with big entities. This highlights supportive startup ecosystem created by the government to underpin growth and development of entrepreneurs.
PayMint was established in 2019 by a group of banking and technology experts, former officials of state-run institutions, and eFinance Group.
The Egyptian Commodities Exchange Company was founded in 2020 with a total capital of EGP 91 million. The company’s shareholding structure comprises of the Egyptian Exchange (EGX), the Internal Trade Development Authority (ITDA), the General Authority For Supply Commodities (GASC), the Egyptian Holding Company for Silos and Storage (EHCSS), Misr Insurance Holding Company (MIHC), Misr for Central Clearing, Depository and Registry (MCDR), and a number of commercial and investment banks.
