| Element List | Explanation |
|---|---|
| Introduction | United International Holding Company announces signing a Memorandum of Understanding with Nowpay Corp to establish Company for the purpose of providing payroll administration and processing services through Fintech in the kingdom of Saudi Arabia |
| Memorandum Signing Date | 2025-01-02 Corresponding to 1446-07-02 |
| Counterparty | Nowpay Corp Fintech Company |
| Memorandum Subject | Establish Company for the purpose of providing payroll administration and processing services through Fintech in the kingdom of Saudi Arabia, through injecting worth SR 75m of initial investments, post granting the required necessary approvals from the concerned regulators. The Company shares will be 75% owned by United International Holding Company & 25% will be owned by Nowpay Corp. |
| Memorandum Duration | Two Months Extendable |
| Related Parties | None |
| Financial Impact | Apart from the initial investments size, it’s not possible to determine the financial impact |
| Additional Information | It’s worth noting that Nowpay Company specializes in providing payroll administration and processing services through Fintech, that through a financial-wellness platform for employees, to enable the workforce to better manage their budget. Currently Nowpay is providing its services in Egypt, partnering with 350 Companies across various sectors, serving more than 300k employee benefiting from NowPay’s financial wellbeing solutions. Any material developments will be announced. |