A notable joint venture has been announced by the international payments corporation, Visa, and Whish Money SAL, a regional fintech industry leader. This cooperation is described as one of the most strategic partnerships in the region. With respect to Wish Money, this cooperation is expected to allow Visa to further enhance its already advanced services and technology in the context of payment facilitation and movement of money. In parallel, this cooperation will also enable Whish Money to allow Visa broadened access to expand serviced offerings to over 1 million users of the app. A ceremony was held for the signing of this collaboration to celebrate a new phase of developing the Trimregion’s fintech industry.
First of Its Kind in the Levant
This strategic partnership between Visa and Whish is underscored as the first of its kind in the Levant region with respect to an e-wallet and money-transferring entity. Reportedly, the partners concur on several foundational tenets, with an emphasis on trust and innovation as the most important. Commenting on the alliance, Leila Serhan, senior vice president at Visa and group country manager for NALP, noted its significance. He/she was quoted stating Visa’s view, “This partnership will allow us to scale our advanced payment systems to a wider audience, enabling effortless and secure funds transfer within and outside their borders.”
Visa’s Global Reach and Ambition
Leila Serhan also articulated the potential for international growth facilitated by this partnership. She was quoted saying, “And as Wish is already present globally and is further extending its reach, we can further facilitate the international growth through our presence in over 200 economies.” This demonstrates Visa’s readiness to assist Whish Money’s plans for international expansion using Visa’s extensive reach that spans over 200 countries.
The partnership will enable Visa to leverage Whish Money’s platform and users to expand its footprint in the Levant region and globally.
Whish Money’s Outlook and Commitment
Koussa was quoted, “To embark on this new collaboration with Visa, which is a significant milestone for Whish Money,” emphasizing that it advanced further goals for Whish Money. He also commented on the anticipated benefits regarding integrating Visa’s technology, stating, “With Visa’s ingenious technologies and services, we are set to enhance our payment solutions and offer even higher-value financial services to our customers, which are secure and efficient.” This highlights Wish Money’s purpose to advance its offerings through the integration of such systems.
Innovation, Excellence, and Due Diligence
Toufic Koussa’s comments regarding the partnership’s value also dilated on the alliance’s approach and diligence. Koussa explained that they formed a partnership with Whish Money during this region’s turbulent times, stating, “This partnership underscores our commitment to innovation and excellence in the fintech industry and is a testament to the thorough and careful due diligence Visa undertakes while engaging in such an affiliation given their high compliance standards.” He further added, “Our commitment to compliance and security has enabled us to achieve this unique partnership in the region.” With these remarks, Wish Money drew the attention of their customers for compliance, innovation, excellence, and security, which also reportedly were the standards that Visa stepped up to.
Transforming Regional Areas of Fintech Development
Reports indicate that the collaboration of Visa with Whish Money is likely to transform the entire fintech industry within the Levant region and may have greater implications in other regions of the globe. The partnership is expected to achieve great improvements in digital payment systems as well as other financial services offered in the area. As a result of both entities combining their innovative ideas and technologies, the partnership is stated to not only catalyze growth in the economy but also set a national standard or claim to unparalleled industry wealth and security. This largely implies the partnership seeks to set the benchmark on how other fintech companies in the region should work and associate with each other.
