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Prime Holding launches fintech subsidiary with EGP 50m capital

Prime Holding launches fintech subsidiary with EGP 50m capital
Mervat Erian has been appointed as the company's CEO
Prime Holding
PRMH
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Cairo – Mubasher: Prime Holding announced the launch of a new subsidiary, Prime Fintech Holding, with a capital of EGP 50 million.

The newly-launched 99.99%-owned subsidiary will operate in the financial technology sector, as part of the company’s plans to launch non-banking financial services companies, according to a statement on Monday.

By the end of 2020, Prime Holding is looking to increase the capital of Prime Fintech Holding to EGP 100 million.

The company will be headed by Shireen Abdel Raouf El-Kady as an executive chairman and Mervat Erian as a CEO.

Prime Fintech Holding will focus on four main products, namely, consumer finance, financial leasing, smart wallets, and finance cards.

By the end of the third quarter (Q3) of 2020, the company will commence its operations by launching consumer finance and financial leasing products. The other products are expected to be launched in Q1-22.