Zand Bank signs MOU with EFT Solutions
29 October 2024, Hong Kong – EFT Solutions Holdings Limited (“EFT Solutions” or the “Company”, together with its subsidiaries, the “Group”; stock code: 8062.HK), a leading electronic fund transfer point-of-sales (“EFT-POS”) solutions provider, is pleased to announce that the Company entered into a memorandum of understanding (the “MOU”) with Zand Bank, the United Arab Emirates (UAE)’s fully licensed all-digital bank, in relation to the potential cooperation in the establishment of electronic payment (e-payment) systems in the UAE.
According to the MOU, both parties are in the process of negotiating possible forms of cooperation, which may involve collaboration of the Group and Zand Bank in sharing knowhow on innovative payment systems and infrastructure services.
Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, “We are honored to be the partner of Zand Bank in regards to developing e-payment systems in the UAE. With approximately 70% market share in Hong Kong, we are dedicated to spearheading the transformation of e-payment solutions, providing reliable and stable services to merchants in Hong Kong and globally.
In collaboration with Zand Bank, we will accelerate digital transformation in the regions, while driving the regions to become a smart city, thereby promoting the interconnectivity of e-payment solutions. We will continue to actively explore various overseas smart city projects to capitalize on emerging global market opportunities.”
As the UAE and Hong Kong are recognized as two major financial hubs, EFT Solutions and Zand Bank possess distinctive competitive advantages across the banking, insurance, and capital markets. The cooperation between both parties demonstrates the UAE’s active engagement in responding to the Belt and Road initiative in fostering sustainable economic growth and international cooperation, bolstered by its strategic partnerships with China and Hong Kong.
Mr. Michael Chan, CEO of Zand Bank, said, “We are excited to partner together as this aligns with the broader goals of innovation and digital transformation in the UAE, positioning both companies at the forefront of the fintech revolution.”