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Entrepreneur, Ali Kassab, has recently ventured into private equity funding with the launch of AKA Partners, and is changing the way companies manage payment solutions.
His firm will invest in fintech businesses across the Middle East region, starting with Wow Pay MENA, a digital payment platform. He has also been appointed CEO of MBME, a veteran in the payment industry which is the leading kiosk payment solution provider in the UAE.
“Nearly AED 845 billion of consumer payments to government entities and merchants are processed each year in the UAE,” said Kassab. “As the region’s payments become cashless, I believe in empowering companies with the technology and know-how to capitalise on the digital revolution, creating simplified yet comprehensive payment solutions which combine efficiency, flexibility and enhanced customer satisfaction.”
Since the company’s formation in November 2016, AKA Partners has made three key investments into the digital payments and ICT industries over the last two months. A joint venture with a leading Abu Dhabi-based group, Wow Pay MENA is one of the firm’s first major investments. A payment solution at point of sale (POS), Wow Pay’s objective is to empower retailers with comprehensive digital payment solutions for their business, while making consumers’ lives simpler through convenient payment options. In February 2017, Wow Pay MENA acquired 100 per cent shares in Sky Telecom Tunisia, rebranding the company to Wow Pay Tunisia and embarking with the launch of 700 POS across the country before end of Q1 2017.