PayMint teams up with EMX to develop its internal financial payment system

By Edlyn Cardoza

FinTech startup PayMint signed a cooperation protocol with Egypt’s Commodities Exchange (EMX) to develop EMX’s internal financial payment system. PayMint leverages innovative solutions to improve the infrastructure of the internal trade system and support the government’s vision to safeguard small farmers and producers.

This entails setting up an e-platform that provides and categorises commodities via an organised market to boost the competitiveness of small farmers and producers. The protocol reflects the expansion-focused plans of PayMint and EMX and the growing role of startups in the Egyptian economy.

Mohamed Rabie, Managing Director of PayMint, said: “We are pleased to succeed in completing this partnership with EMX. It promotes integration and closer cooperation between big entities, through which the state works to regulate the markets, and startups seeking to sustain development and digitization through providing innovative e-payment tools for stakeholders of EMX.”

The protocol marks a new milestone for PayMint, which has become a vital mainstay of the Egyptian e-payment sector. PayMint offers several cutting-edge services for small and medium-sized enterprises (SMEs), especially salary payments, working capital financing, and supplier payments. In April 2022, PayMint secured a seven-figure seed funding round from the AUR Fintech Fund of AUR Capital Group.

“We are working toward creating an innovative platform for EMX in alignment with up-to-date global systems in this field to be a reliable, integral part of EMX’s full-fledged e-system. Currently, PayMint is seeking to close a new funding round to boost its expansion plan in the e-payment and fintech sectors and to enter into new partnerships,” Rabie continued.

“Startups are playing a vital role in promoting economic development efforts in Egypt by introducing innovative solutions in different realms and striking partnerships with big entities. This highlights supportive startup ecosystem created by the government to underpin growth and development of entrepreneurs,” said Mohamed Yehia, Deputy Chairman of PayMint. 

PayMint was established in 2019 by a group of banking and technology experts, former officials of state-run institutions, and eFinance Group.

The Egyptian Commodities Exchange Company was founded in 2020 with a total capital of EGP 91 million. The company’s shareholding structure comprises of the Egyptian Exchange (EGX), the Internal Trade Development Authority (ITDA), the General Authority For Supply Commodities (GASC), the Egyptian Holding Company for Silos and Storage (EHCSS), Misr Insurance Holding Company (MIHC), Misr for Central Clearing, Depository and Registry (MCDR), and many commercial and investment banks.