Digital Payment Deal Boosts Malaysia-Algeria Fintech Cooperation
NEW DELHI, May 29 (Bernama) -- A Malaysian fintech firm has partnered with an Algerian conglomerate to launch a digital payment platform in Algeria, marking a major stride in advancing Malaysia-Algeria fintech collaboration.
Malaysia's BerryPay and Algeria's DIGITEC, a subsidiary of ABD Invest Group, recently signed a memorandum of understanding (MoU) to create a payment solutions platform tailored to Algerian needs.
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The agreement was inked by BerryPay founder and Group CEO Azrin Hadi Abdullah and DIGITEC's ICT and strategy leader Bousbiaa Abdelhak in Algiers, Algeria and was witnessed by Malaysian Ambassador to Algeria Rizany Irwan Muhamad Mazlan
"This MoU marks a significant milestone in Malaysia-Algeria fintech cooperation," Rizany told Bernama.
The venture, launched with BerryPay's participation, will offer services through a user-friendly mobile application.
It is expected to enhance financial inclusion, improve cross-border remittance flows and support the growth of domestic payment systems and e-commerce.
Rizany said that although Algeria is still in the early stages of digital financial development, it is making notable strides in expanding e-payment methods and digital banking services.
He said Algeria's ongoing efforts to strengthen its digital banking infrastructure, including the Bank of Algeria's introduction of a regulatory framework for digital banks and payment service providers, were aimed at ensuring a secure and structured financial ecosystem.
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