United International signs MoU to establish wage processing services firm with SAR 75 mln investment

United International Holding Company has signed a Memorandum of Understanding (MoU) with Nowpay Corp to establish a company specializing in payroll administration and processing services through fintech solutions in Saudi Arabia. The venture will involve an initial investment of SAR 75 million, subject to obtaining the necessary regulatory approvals.

United International Holding Company will hold a 75% stake in the new entity, while Nowpay Corp will own the remaining 25%, according to a statement on Tadawul. The MoU is valid for two months and can be renewed. Apart from the initial investment, the financial impact of the venture cannot yet be determined.

Nowpay specializes in payroll administration and processing services via fintech, providing a financial wellness platform that enables employees to better manage their budgets. The company currently operates in Egypt, partnering with 350 companies across various sectors and serving over 300,000 employees who benefit from its financial well-being solutions