FAS Labs and valU to offer digital consumer finance solutions in Saudi Arabia
By Leandra Monteiro
FAS Labs, a franchise retailer in Saudi Arabia, and Arabian Centres Company have entered into a strategic partnership with valU for Consumer Finance S.A.E. on the 5th of June 2022. The agreement will accelerate the geographical expansion of the MENA region’s Buy-Now, Pay-Later lifestyle-enabling FinTech platform, providing digital consumer finance solutions in Saudi Arabia through FAS Finance.
FAS Labs was recently established to lead the joint digital initiatives of Alhokair and ACC, offering Saudi customers a range of accessible and customisable digital consumer finance solutions, to build and scale a fully integrated shopping platform that engages consumers throughout the entire purchase journey, from pre-purchase to post-purchase.
Commenting on the partnership, Mohamad Mourad, Managing Director of ACC and interim Chief Executive Officer of Alhokair said, “Arabian Centres and Alhokair share a pioneering history and a strong team with longstanding partnerships contributing to a robust retail footprint in Saudi Arabia.
The launch of FAS Finance and the strategic partnership with valU are perfectly aligned with our commitment to drive a robust omnichannel experience. Through the integration of innovative payment solutions, we offer greater affordability and value for our customers, all available through one digital platform. In addition, our tenants have access to added value and benefits through this cohesive purchase platform.
This significant milestone is indicative of ACC and Alhokair’s commitment to provide Saudi consumers with an integrated, forward-thinking lifestyle experience and be the partner of choice for local and international brands.”
For valU, the strategic partnership supports its strategy to expand its customer base by entering new markets. Saudi Arabia will be the first market that valU enters outside of Egypt, building on the growth in its home market.
“We are delighted to enter this strategic partnership. valU has retained its position as the market leader in BNPL solutions in the MENA region and Alhokair choosing us further cements this. valU’s launch in KSA comes as a natural progression of our strong partnership with Alhokair and is our first move outside of Egypt with other similar moves to follow soon. We will also be utilizing our extensive network that we have built with valU for brands that have presence in the Saudi market and extending our services to include them” said Walid Hassouna, CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes Holding and CEO of valU.
“We are thrilled to be issuing cash loans for the first time which will be complementing our BNPL solution offering. With valU being a platform through which consumers can seamlessly access financing solutions across various sectors, we serve as a conduit enhancing affordability. We pride ourselves in creating solutions that help our clients enrich their lifestyle every day, from shopping to education to sports to entertainment to travel and more,” concluded Hassouna.
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