back Back

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

By Edlyn Cardoza

December 13, 2022

  • Capital Financing
  • e-payment
  • Egypt

PayMint, FinTech, Egypt’s Commodities Exchange, Financial Payment System, Capital Financing, e-payment, SMEs, FinTech, EgyptFinTech 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.

Previous Article

December 13, 2022

Nauggets app launches in Australia in partnership with Azupay

Read More
Next Article

December 13, 2022

BPCL customers can now make bill payments through Bharat BillPay enabled channels

Read More

IBSi Daily News Analysis

South East Asia

February 28, 2024

Capital Financing

FinTech penetration in Southeast Asia will double by 2027, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Fimple partners with CR2 to enhance digital banking and payments

Read More


Socure & Trustly to offer pay-by-bank solution with streamlined onboarding

Read More


Mastercard & Loop to launch payment solutions in Saudi Arabia

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023