Cairo, Egypt – November 29, 2024
The National Security Services Company (SAFE), a leading entity under Saudi Arabia’s Public Investment Fund (PIF) spearheading transformation in the security services sector, has signed a memorandum of understanding (MoU) with Egypt’s eFinance, a premier fintech firm specializing in electronic payment and collection services.
The announcement was made during the 28th edition of the Cairo ICT International Technology Conference and Exhibition for the Middle East and Africa, held from November 17 to 20, 2024, under the patronage of His Excellency President Abdel Fattah El-Sisi. The event, themed “The Next Wave,” served as a platform to highlight the strategic collaboration between SAFE and eFinance, aimed at revolutionizing ATM management, point-of-sale services, and cash deposit solutions through advanced technologies.
The agreement was formalized in the presence of Engineer Hossam El-Goly, Member of the Board of Directors at eFinance, and Mr. Turki bin Maatouq Al-Thonayan, CEO of SAFE. Both organizations committed to a shared vision of encouraging financial institutions to expand their reliance on outsourced services, with a focus on comprehensive ATM, point-of-sale, and cash deposit machine management, as well as international money transfer services between Saudi Arabia and Egypt.
Strategic Collaboration for Technological Integration
Under the MoU, eFinance will offer cloud hosting solutions, on-site system services, and specialized technical expertise. The company will also provide marketing support to financial institutions for the adoption of integrated solutions. In parallel, SAFE will supply the necessary hardware and expertise, collaborating closely with eFinance to design, market, and implement these services.
“This partnership is a pivotal step in achieving our goals of advancing security services and fostering innovation in the financial sector across Saudi Arabia and Egypt,” said Mr. Turki bin Maatouq Al-Thonayan. “Through collaboration with eFinance, SAFE aims to create integrated solutions that cater to the evolving needs of financial institutions while aligning with the visions of both nations—Saudi Vision 2030 and Egypt Vision 2030.”
Driving Innovation and Leadership in Security Services
SAFE’s comprehensive business model, which spans consulting, integrated solutions, training, and command and control centers, will serve as the backbone of this partnership. The company’s commitment to adopting cutting-edge technologies and collaborating with industry leaders positions it as a pioneer in delivering advanced security and financial solutions.
For its part, eFinance’s strategic initiative to encourage outsourcing services for ATM, point-of-sale, and cash deposit machine management is expected to bolster the adoption of cloud-based and secure financial technologies in the region.
About SAFE
Established in 2019 and wholly owned by Saudi Arabia’s PIF, SAFE employs over 12,000 personnel. The company is dedicated to becoming a cornerstone of security excellence in the Kingdom, integrating state-of-the-art technology with highly trained personnel to protect assets and individuals.
Through this partnership, SAFE and eFinance aim to set new benchmarks in the security and fintech sectors, reinforcing their commitment to regional development and technological advancement.
This collaboration underscores the shared aspirations of Saudi Arabia and Egypt to harness innovation for economic growth, marking a significant milestone in the transformation of security and financial services across the Middle East and North Africa.