Tuxedo Money Solutions announced today that it will be launching the industry leading eccount solution in the Middle East later this year under an exclusive licence deal with NovoPay SA, a payments technology business that has been set up specifically to service emerging markets.
John Sharman, CEO of Tuxedo commented "this very large contract has been six months in the making and full of all the challenges you would expect from rapidly changing economies. Tuxedo are delighted to have concluded stage one of the agreement with NovoPay and are looking forward to the first of many successful launches. We are in a strong position to develop, maintain and support the eccount technology that has done so well in the United Kingdom, in these new and dynamic markets. Based on moderate projections and business already secured by NovoPay and their partners, we expect to exceed the £5m income forecast for this licensing deal."
Colin Loubser, COO of NovoPay and the co-founder of Tuxedo will be based in Bahrain to lead the venture and added "we have spent time and invested substantial resources in understanding the regulations in the region, researching the markets, securing payroll and expenses card business and in recruiting a top management team drawn from the IT, banking and cards industries - we are ready to go and there could be no better partner and proven payments software solution to work with than Tuxedo and the eccount."
He went on to say "we are particularly excited by the demand for the enterprise eccount, which is the world‟s first hierarchical prepaid payments solution for both businesses and their staff to manage their money seamlessly either online, by phone or using a set of predetermined rules. The mobile banking functionality that we are offering is also a big advantage."
NovoPay will be making announcements over the coming months on their bank partners, issuing banks and local investor partners in each territory.