UAE Fintech Company MBME Group is launching its shares on the Abu Securities Exchange as part of its strategic expansion strategy. It will be the first FinTech business to list on the financial markets of the UAE.
The B2B and B2C Fintech platform provides payment collection and aggregation services to government, private-sector, and retail consumers. It has approximately 4000 contact locations around the UAE, serving over 3 million clients.
The shareholding of the company is wholly-owned by a prominent Emirati family.
According to a statement issued by MBME, the proceeds of the capital raised by the listing will be used to promote the company’s worldwide expansion plans and growth in horizonal and vertical integrations. The company anticipates a variety of product roll-outs and new mergers and acquisitions. During the pandemic, demand for digital payments and other FinTech services has increased as more individuals utilize online banking services to transfer money and pay for e-commerce and remote transactions.
Global digital payments are predicted to expand at an exponential rate, reaching US $8.26 trillion by the end of 2024. This is a significant increase from the $4.4 trillion in digital transactions reported in 2020.
Being listed will enable us to offer higher margin, innovative products and services to both new and existing customers in local, regional and global markets, while also advancing the development of market-leading proprietary technological know-how.” Ali Aldhaheri, Chairman – MBME Group
Abu Dhabi Securities Exchange
ADX was established as a stock exchange in Abu Dhabi in 2000 with the purpose of boosting the national economy by providing securities-based funds and investment opportunities. It is the second largest bourse in the Arab world with a market capitalisation of nearly Dirhams 3 trillion (US $735 billion).
The exchange aims to developing awareness in the financial services sector and capital markets to attract investments and maintain a thriving financial and economic stability in the UAE. The sector is regulated and investors are ensured that their savings are invested in productive sectors. The Abu Dhabi Securities Exchange deals in bonds, equities and funds.
Companies that are listed on ADC include Borouge, the Abu Dhabi Ports Group, Burjeel Holdings (a major healthcare provider in the region) and Bayanat, a geospatial data services provided owned by G42, a leading artificial intelligence and cloud computing company. Adnoc Gas and Presight Al, another G42 company, was listed on ADX recently while supermarkets operator Lulu, a subsidiary of Abu Dhabi-listed International Holding company has announced a forthcoming listing on ADC later this year.
Recent ground breaking transactions included Americana, the largest fast food restaurant operator in the MENA region where US $1.8 billion was raised from an IPO (initial public offering) when it was listed on both the Abu Dhabi and Saudi stock exchanges.