SAUDI ARABIA - Finance
Co-founder and CEO, HyperPay
Bio
Muhannad Ebwini is the Co-Founder & CEO of HyperPay, having led the business to its current position as one of the Middle East’s fastest-growing online payment businesses. Ebwini has more than 18 years of experience in the online, e-commerce, gaming, and payment industries, having successfully grown the business of OneCard, a leading regional alternative payment mechanism between 2004 and 2010. During his tenure at OneCard, he spearheaded the development of the online payment and e-commerce industry in the MENA region. He is a certified e-commerce consultant. He holds an MBA in management and international business from NYIT and a bachelor’s degree in computer software engineering from Princess Sumayya University.
In 2023, HyperPay aimed for a remarkable 59% growth in volume, transaction numbers, revenue, and net profit over the previous year. By August 2024, we had already surpassed the previous year’s total figures, and we are confidently on track to close the year with a growth rate nearing 100%. 2022 presented its challenges, yet it was a productive year. The momentum carried over into 2023, significantly bolstered by the maturation of government projects. A substantial portion of our new traffic originated from the second phase of these projects, which have evolved to better address client needs and solve critical issues. Furthermore, consumer wallets such as Tiqmo, Barq, and Mobily Pay have generated significant traffic, driven by their competitive cashback offers. These wallets have not only enhanced the attractiveness of their propositions to end users, but also integrated robust solutions for money transfers and remittances outside of Saudi Arabia, further fueling our growth trajectory.
HyperPay is making significant strides in redefining itself as a comprehensive B2B fintech platform, moving beyond mere payment solutions. This transformation is marked by our application for the Electronic Money Institution (EMI) license and a shift in our branding strategy. We are currently awaiting approval from the Saudi Arabian Monetary Authority (SAMA) and are poised to roll out an array of B2B products. A key development in our expansion has been the launch of Hyper Hospitality, which caters to both B2C and B2B markets. In 2024 alone, we successfully integrated 250 hotels onto our platform. Notably, MasterCard has adopted this solution under a white label agreement, extending HyperPay’s technology on a global scale. The first international deployment of this product is scheduled in Singapore, with further expansions in the pipeline. Additionally, the attractiveness of HyperPay in the market is evidenced by multiple acquisition and investment proposals, particularly focused on our pending EMI license—a testament to its value in the competitive Saudi market. While regulations restrict majority foreign ownership, we are open to substantial minority investments, demonstrating both our compliance with local mandates and our appeal to global investors.
Navigating the regulatory environments and ensuring stability have been significant challenges, particularly in foreign markets. In Egypt, due to fluctuating rules and regulations, we made the strategic decision to cease operations and close our office, maintaining the company, but halting active engagements. In contrast, Qatar presents a promising landscape where we are focusing on replicating the large-scale government solutions we have implemented successfully elsewhere. Currently, we are close to securing a major project in Qatar. Although this project will not match the scale of those in Saudi Arabia, it represents a substantial opportunity. For example, while we process approximately USD300 million annually in Jordan, in Saudi Arabia, we handle about USD1.35 billion each month. This volume means that within just eight to 10 days in Saudi Arabia, we surpass an entire month’s volume in Jordan, and in mere days, we cover the total market volume in Iraq. These comparisons underscore the strategic importance of focusing on high-value, impactful projects, particularly in smaller but significant markets like Qatar.
The stringent regulations imposed by SAMA have both hindered and shielded our operations. While these regulations have delayed our plans to secure the necessary licensing, they have simultaneously created significant barriers for international companies looking to enter the Saudi market. This rigorous regulatory environment, although challenging, affords us a strategic advantage. Once we obtain our license, we anticipate being several years ahead of any new competition, effectively maintaining our market lead. Our approach to sustaining a competitive edge does not solely rely on navigating regulatory landscapes, but also involves strategic innovation and localization of our offerings. In the past, when faced with aggressive pricing strategies from international players, HyperPay pivoted from traditional payment processing to developing rich, localized product offerings tailored to our market. Moreover, the stability and loyalty of our core team play a crucial role in our sustained success. With almost zero turnover, the continuity and deep-rooted expertise of our team members, many of whom have been with the company since its inception, enrich our operations and strategic direction. This internal strength is vital as we continue to innovate and adapt in a competitive landscape.
In 2025, HyperPay is set to intensify its focus on developing innovative B2B products. A critical component of our strategy involves a robust collaboration with the Central Bank and Saudi Payment. One pivotal area to watch is the evolving landscape of open banking, which is anticipated to revolutionize payment initiation processes. As regulations evolve to support open banking frameworks, we expect to see a significant expansion in B2B fintech solutions. Looking forward, the impact of these advancements will be profound, significantly reshaping the fintech ecosystem in Saudi Arabia and beyond. This focus aligns with our commitment to staying at the forefront of financial technology and capitalizing on emerging opportunities within this dynamic sector.
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SAUDI ARABIA - Tourism
Interview
Director, UN Tourism Regional Office for the Middle East