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March 26, 2015updated 04 Apr 2017 4:03pm

Net Element forms JV in UAE to target GCC states and India

Net Element, a technology provider of mobile payments and value-added transactional services, has established a joint venture with UAE-based industry professionals to sell and deliver its payment-as-a-service solutions to all Gulf Cooperation Council (GCC) states and India.

By Verdict Staff

Net Element, a technology provider of mobile payments and value-added transactional services, has established a joint venture with UAE-based industry professionals to sell and deliver its payment-as-a-service solutions to all Gulf Cooperation Council (GCC) states and India.

Financed solely by the local partners, Net Element will act as the exclusive provider of payment services to the JV.

The UAE-based JV will have the exclusive rights to market Net Element’s services in the territory and sell such services under Net Element’s brand.

Additionally, Net Element is planning to apply its growing payment technology platform to this growing base of e-payment and mobile customers.

As part of the move, Suresh Menon, a financial service executive with a focus on payment systems and cards, will join the UAE-based Net Element as general director.

Prior to joining Net Element, Menon held leadership roles including CEO of a UAE-based corporation and as founder of startup Ubiqu Group.

Net Element CEO Oleg Firer. "We’ve been tracking the growth of the GCC payments sector and believe its current critical mass would provide the Company with another outlet to scale our services. Collaboration with a local partner in the region is a natural extension of our expansion plans into growing emerging markets."

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