Central Bank of Egypt

Wecash Brasil awakens global attention and presents its best practices to the summit of the Central Bank of Egypt.

SAN FRANCISCO , April 26, 2018 / PRNewswire / - Wecash executives were invited to share their experiences with the business unit in Brazil with the Central Bank of Egypt on Tuesday, April 24 at the Silicon Valley Innovation Center (SVIC ).

The President of the Central Bank of Egypt participated in the conference, which was also attended by senior executives from Egypt's top banks. In order to stimulate the country's local financial market, the delegation went to Silicon Valley to study the most modern and innovative in the area of ​​financial inclusion in emerging countries, as well as the success story that Wecash has been putting into practice in markets in which it operates, including Brazil.

Mário Isaac, was invited to present Wecash to the Central Bank of Egypt

Dr. Ninghua Wang , Chief Data Scientist and Mario Isaac, Head of Business Development, presented what was done by Wecash in Brazil. Over the past four years, Wecash has grown significantly in business, trading around RMB 30 billion in 2017. Today, with rich experiences and advanced technologies in credit assessment, customer acquisition and dedication to discovering customer needs, Wecash entered the global market and began to reap the first successes.

Ninghua and Mário Isaac also introduced the Wecash technologies and the location path in Brazil for other participants. Brazil is the first market in South America where Wecash has exported its technology and operation. In the past, 28 million people had their information seen in traditional credit institutions, occupying only about 15% of the Brazilian population. At the same time, the origin of the credit data is relatively scarce, among which the majority was obtained from the main credit bureaus. In addition, a growing part of the population has been adopting the smartphone as a source of access to financial services, and has not been well served to date. Compared to other credit markets such as Chinaand the United States, the Brazilian market still has a lot of room to develop. So far, Wecash has established partnerships with 7 institutions in Brazil, with an expectation of generating a portfolio of 50 million reais in 8 months.

Egypt has a major challenge, considering that around 86% of adults in the country do not have a checking account, according to World Bank Bank Global Findex. Following Wecash's presentation, delegates expressed strong interest in advancing a possible partnership with Wecash to take advantage of opportunities in Egypt's financial market.

SOURCE WECASH