Supports Blockchain Technology and Becomes the New Board Member of MenaPay, The First Crypto-Based Payment Gateway For MENA
It is announced that the Princess of KSA, Princess H. H. Hamadi Ahmed Khadher is now a board member of MenaPay, the first cryptocurrency and blockchain based payment gateway of the Middle East and North Africa region. Princess H. H. Hamadi Ahmed Khader says that she appreciates all the efforts of MenaPay to accelerate digital transformation of KSA and she is excited to be a part of such a path-breaking business. While blockchain technology is a new concept for many countries, Kingdom of Saudi Arabia is quite familiar with it and one of the biggest contributors of cryptocurrency in the Middle East region.
In May, Saudi Arabia conducted a “blockchain bootcamp” session to build cryptocoin smart contracts and decentralized applications. According to Fortune, Kingdom of Saudi Arabia is not only interested in blockchain technology, but also a supporter of cryptocurrency and blockchain-focused startups.
Princess of Kingdom of Saudi Arabia, H. H. Hamadi Ahmed Khadher is also a big supporter of blockchain technology and it is announced that she is now the new board member of the blockchain based payment gateway MenaPay. Based in Dubai, UAE, MenaPay is a financial solutions company, and it is founded in February 2018. MenaPay brings 3 new solutions to the Middle East and North Africa.
First of all, MenaPay is a payment gateway for online and offline money transactions. MenaPay makes money transactions decentralized, transparent and Islamic compliant with its interest-free system.
Secondly, MenaPay creates a crypto coin called MenaCash which is based on private blockchain to be used on MenaPay payment system. 1 MenaCash is always equal to 1 US Dollar as a single currency; this makes transactions easier and more reliable in the Middle East and North Africa. People can buy MenaCash in exchange of Dollar and use their MenaCash in online and offline money transactions without any fluctuation risk.
Thirdly, MenaPay provides another crypto coin called MenaPay which empowers the blockchain payment system with proof of work and proof of stake. Being in compliance with Islamic regulations, MenaPay is going to accelerate money transactions and digital transformation of KSA with the single digital currency and blockchain based payment system it creates.
Princess Hamadi Ahmed Khadher believes that this blockchain based payment solution will facilitate all the transactions in the Saudi Arabia and make all kinds of shopping tools much more useful for people. Underlining that the system MenaPay provides is fully compliant with Islamic practices and regulations, the Princess states that “I am very happy to be a part of MenaPay to contribute the future of all financial transactions in MENA.”
MenaPay team also indicates that they are glad to see Her Royal Highness Princess H. H. Hamadi Ahmed Khadher as one of their valuable board members and says: “MenaPay is what people and companies needed not only in the KSA, but also for the whole Islamic world in the Middle East and North Africa.
We strongly believe that MenaCash is going to be the most holistic currency in the Saudi Arabia. It will also be the solution for 84% unbanked population in the Middle East and North Africa by decreasing transaction time and costs while being transparent and secure at the same time.” Besides all the benefits and utilities it provides for people, MenaPay also makes the payment process faster for companies as well. Due to traditional payment transaction flow, there is a cash out period of 30-40 days for merchants in the MENA region.
However, MenaPay decreases this period to 5 days and accelerates the cash flow process for its merchants as well. Founders of MenaPay are entrepreneurs who made successful exits in payment industries and all of them experienced in the Middle East region.
Having the Princess of the Saudi Arabia in their board and more than 50 signed merchants in the Middle East already, makes them one of the most effective payment tools in the region. For further information, you can check their website or contact MenaPay via [email protected]