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Tencent Cloud Partners with Balance to Enhance Digital Payments in the Middle East

Payment and Card

Tencent Cloud, Balance, Digital Payments, AI

Business Honor
21 October, 2024

Partnership aims to transform e-wallet experiences and support the region's digital economy growth.

A leading e-wallet provider based in Dubai, Tencent Cloud has announced its planned partnership with Balance to enhance and improve digital payment solutions in the Middle East. This partnership was revealed during GITEX GLOBAL 2024, which highlights Tencent Cloud’s dedication to drive innovation in the financial technology industries.

The firm will integrate advanced technologies from Tencent Cloud to Balance's payment system, focusing on secure authentication of identities and smooth transaction experiences. The move aligns with the surge in demand for digital transformation in the finance sector in markets such as Saudi Arabia and UAE.

This cooperation will help for massive penetration into new markets and further convenience of mobile banking services, said Kartik Tikku, Chief Executive Officer of Balance. Dan Hu, Vice President of Tencent Cloud International for the Middle East and Africa, noted that fast implementation of cloud and AI solutions will support the needs of local businesses and government services.

Apart from overhauling the payment systems in the Middle East, Tencent Cloud is eyeing an even richer segment: gaming. The company plans to deploy its MiniGame Platform to support local developers and attract new gamers in the Middle East. The strategy makes sense, considering that revenue projections do suggest the UAE will reach US$500 million by 2027.

A strong global partner Tencent Cloud has allowed it to support its position in promoting regional digital innovation across all industries, thereby leading to a dynamic ecosystem of tech.