Mashreq Bank, which is listed on Dubai Financial Market (DFM), on Friday said that it has signed an agreement to sell 65% of its stake in NeoPay, the brand name for its subsidiary IDFAA Payment Services LLC to a consortium of global alternative assets manager Arcapita Group Holdings Limited and Turkish fintech firm Dgpays S.a.r.l. for $385 million.
In a filing with Dubai Financial Market (DFM), where its shares are traded, Mashreq Bank also said that it was entering into a long-term shareholder arrangement with the purchasers for the future growth of the business. The transaction is subject to required regulatory approvals and consents, Mashreq Bank said.
Most Useful for Businesses
The payment system company is used by businesses to process transactions, including in point of sale (POS) terminals, eCommerce, mobile payment and other non-cash payments.
Arcapita operates in the GCC, Singapore, the UK and the US while the Turkish fintech firm operates in the UAE, Luxemburg and the US. Mashreq Bank said that further announcements will be made in due course.
Mashreq Bank has completed the transition of its existing payments business into IDFAA Payment Services LLC, with a brand name NEOPAY, in 2022.
NEOPAY has fuelled the growth of Mashreq’s payments business in the last three years as it leveraged the latest technology and innovation, including card processing and merchant acquiring systems, processing switches and PoS inventory to offer a seamless payments experience to merchants and consumers.
New regime offers up to 50% tax relief, setting the stage for research-led growth and…
Tourism slowdown, real estate stress, and financial volatility drive calls for policy intervention Nearly a…
In a strategic move to reinforce global trade resilience and enhance logistics efficiency, Dubai Chambers,…
Dubai’s once-booming real estate sector is witnessing a sharp slowdown, with property sales dropping by…
Keturah analysis shows developer transaction volume climbed 42% YoY with a week of the month remaining…
In a significant regulatory development, the Enforcement Directorate (ED) has begun scrutinizing Indian residents who…