Partnership

[ANN] Pundi X technology to debut in the Persian Gulf and Middle East

Partnership with ebooc targets rollout of NexGen POS devices to customers for payment of bills, school fees, utilities and more

ebooc
Seated (L-R): Pundi X CEO and co-founder, Zac Cheah, and co-founder of ebooc and Digital Force CEO Abdalla Al Shamsi. Standing (L-R): Michael Lawal Business Development Manager at Pundi X, Rudy Danandjaj CEO of Infinet Mobile & President-Commissioner of E2Pay, Pundi X President, Constantin Papadimitriou and MD Bchain and ebooc co-founder Sunil Malhotra.

Pundi X will make its debut in the Gulf and Middle East following a partnership with the country’s first fintech company with a regional presence: ebooc.

Ebooc and Pundi X will work closely on developing digital payment gateway services for governments, financial institutions and major corporates in the Gulf and Middle East as well as broader business lines such as blockchain-based customer loyalty programs and NFC contactless payment options.

The collaboration will bring consumers in Dubai, UAE and the broader Middle East and Gulf region the ability to conduct real-time commerce through digital payments and mobile wallets.

This technology also has the potential to transform value-added tax (VAT) collection for governments in the Gulf and Middle East with instant, blockchain-based computation and collection of a recently-introduced VAT in the UAE. Ebooc forecasts VAT computation as holding major benefits for merchants and governments alike and bringing substantial efficiencies in reduced manpower devoted to audits, assessments and implementation.

Ebooc and Pundi X will provide several other applications for consumers such as making retail payments; paying for government services, fees and fines; utilities and bills; telecommunication bills and school fees on POS devices running a stable, digital equivalent of traditional fiat currencies in the region.

The move brings our world-leading, blockchain-based POS technology, XPASS card and e-wallet to the Gulf, Middle East and North Africa region for the first time with ebooc as the official partner under the terms of a strategic partnership agreement as executed.

Following meetings in Dubai and Jakarta, a Memorandum of Understanding was signed between our CEO and co-founder, Zac, and the CEO of Digital Force and co-founder of ebooc Abdulla Al Shamsi, to commit to the deployment of a soon-to-be-announced number of Pundi X devices across the Middle East.

Abdalla Al Shamsi said: “We envisage consumers in the UAE being granted the ability to make retail payments for school fees, utilities and other necessities from a world-leading blockchain-based POS device provided by Pundi X”.

Cheah said: “We are delighted by this partnership in a nation-state that has long been considered a by-word for modernity and innovation.

“This latest project confirms that Dubai is yet again a source of global leadership, this time in the emerging field of blockchain-based payments technology, with the potential to forever change the way consumers make secure, digital payments.”

Sunil Malhotra, the Managing Director Bchain and co-founder of ebooc said: “An ebooc — Pundi X partnership will deliver a differentiated customer experience through innovative features, seamless integration, loyalty solutions, enhanced security and greater convenience to Governments, businesses and consumers in Dubai, UAE and the region to make financial transactions on the NexGen platform in a smart way, bringing together various service providers under one platform.

“There is no better way to announce Pundi X’s arrival in the Middle East and North Africa than with a partnership with ebooc in Dubai — the region’s technology hub”.

Further details of the partnership will be announced following the development and testing of technology with relevant government departments and regulators.

About ebooc

ebooc, from the Arabic for ‘e-wallet’, is the first Emirati fintech company to establish a presence across the broader region. It aims to provide a secure and seamless payment experience to clients and customers which runs on NexGen technology as a decentralized, distributed ledger which creates trust, improving efficiency levels. Its solution for retail outlets can be channeled to the governmental organizations, creating a high level of trust and transparency.