In the rapidly growing landscape of Middle Eastern fintech, a significant development has unfolded as Egyptian digital services provider BanknBox announced the establishment of its regional headquarters in Qatar. This strategic move, formalized through a licensing agreement with the Qatar Financial Centre (QFC), marks BanknBox’s first foray into the Gulf market and highlights the growing allure of Qatar as a financial innovation hub. The company is set to offer its advanced payment technology services via its CoreLINK platform, facilitated by a strategic alliance with Qatari fintech firm Cwallet, a partnership officially inked at Web Summit 2025.
The collaboration aims to inject cutting-edge financial solutions into the Qatari market. BanknBox will empower Cwallet to introduce novel offerings, including the issuance of Hemian and prepaid Visa cards, alongside essential acceptance and acquisition services such as mobile payment solutions (SoftPOS), merchant services, and online payment processing. This suite of services is anticipated to significantly bolster digital financial inclusion within Qatar and refine the overall payments ecosystem, aligning with the nation’s ambitious digital transformation agenda. BanknBox intends to commence operations in the second quarter of this year, pending the completion of its technical infrastructure and adherence to Qatar Central Bank regulations.
For BanknBox, this expansion represents a pivotal strategic step. “Our expansion into Qatar is an important strategic step, providing a physical presence to serve our customers locally,” stated Bassem Mahmoud, CEO and Chairman of BanknBox. He emphasized the synergy with Cwallet, noting their “shared vision of financial innovation.” Mahmoud further highlighted the potential impact of BanknBox’s advanced services in driving growth within Qatar’s payments sector, revealing ongoing negotiations with several banks and fintech companies to integrate their services via the CoreLINK platform.
Cwallet, a prominent Qatari fintech player focused on bridging financial gaps through secure digital solutions, views this partnership as a catalyst for revolutionizing digital payments in the region. Abdullah Al-Mushiri, CEO and Chairman of Cwallet, expressed enthusiasm, stating, “Through our partnership with BanknBox, we are offering solutions that will revolutionize the way individuals and businesses handle digital payments.” Echoing this sentiment, Cwallet’s CTO, Abdul Rashid Abdul Wahid, stressed the significance of the technological advancements this collaboration will bring, promising a “new level of secure, efficient, and innovative payment technologies” for the Qatari market. Ajouat Asim, CFO of Cwallet, added that the partnership furthers their mission to provide “seamless and cost-effective financial solutions, enhancing financial inclusion across various sectors within Qatar.”
This strategic alliance arrives at a time of rapid development within Qatar’s fintech sector, aligning seamlessly with the Qatar National Vision 2030 and the Qatar Fintech Strategy 2023, both of which prioritize diversification, innovation in the financial sector, and investment in a knowledge-based economy.
However, BanknBox’s move to Qatar is not an isolated event. It occurs against a backdrop of a notable trend: the outward migration of Egyptian startups seeking more fertile ground for growth. In 2023, BanknBox received a strategic investment from DisrupTech Fund, an Egyptian venture capital firm specializing in fintech. This investment was intended to fuel BanknBox’s expansion and enhance its capabilities within the Egyptian market and beyond. Mohamed Okasha, CEO of DisrupTech Fund, lauded the partnership at the time, highlighting its potential to “revolutionize the industry” and support the provision of “safe and innovative services.”
Despite this domestic investment and BanknBox’s 15 years of experience in financial technology solutions, the allure of the Gulf appears to have become stronger. BanknBox joins a growing list of Egyptian startups, including mass transit platform SWVL, health and wellness e-commerce site WellPal, and fintech firm FlapKap, that have opted to relocate their headquarters to the UAE or Saudi Arabia.
Gulf nations like the UAE and Saudi Arabia have actively cultivated more attractive environments for startups. The UAE offers a corporate-friendly tax regime and free zones with significant benefits, while Saudi Arabia’s Vision 2030 initiative includes substantial financial incentives for companies relocating to the Kingdom. These competitive pressures from the Gulf are undoubtedly influencing the decisions of Egyptian startups seeking sustainable growth and access to capital.
While Egypt has long been a key player in the Middle East and North Africa (MENA) region’s startup landscape, the trend of companies like BanknBox establishing their headquarters elsewhere raises questions about the future of its domestic innovation ecosystem. The Egyptian government has acknowledged these challenges and has initiated some measures aimed at improving the regulatory environment. For now, Qatar stands to benefit from the influx of innovative companies like BanknBox, further solidifying its position as a rising force in the regional fintech arena.