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EFG Hermes partners with Universal Group to launch e-commerce platform

EFG Hermes partners with Universal Group to launch e-commerce platform
Payments on the platform will be processed by EFG Hermes subsidiary PayTabs
EFG Holding
HRHO
-2.49% 17.65 -0.45

Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) announced that its non-banking financial services (NBFI) platform signed a partnership agreement with Universal Group to launch a new e-commerce platform that will allow home appliance manufacturer to serve customers directly.

Payments on the platform will be processed by EFG Hermes subsidiary PayTabs, while its unit valU will provide payment plans, the investment bank said in a statement on Wednesday.

Business Boomers, EFG EV fintech startup, will implement Universal Group’s e-commerce online store on its zVendo.com platform.

Signing this partnership today with Universal Group is a key milestone in our journey to develop a full-fledged non-bank financial services ecosystem that leverages the synergies inherent in our business model throughout the group,” said EFG Hermes Finance CEO and Head of Debt Capital Markets Walid Hassouna.