PayPal, a renowned payment service processor has announced its plan to invest $100 million in the Middle East and Africa to accelerate digital growth. The firm confirmed the development in a blog post on Wednesday.
In the post, PayPal added that the investment will fuel innovation, supporting entrepreneurs and drive inclusive economic growth in one of the world’s fastest-growing digital commerce regions. In addition , the investment plans to deploy through a mix of minority investments, acquisitions, PayPal ventures funding, people, and technology deployment. This helps local businesses scale, unlock new opportunities for innovators, bringing more consumers and communities into the digital economy.
PayPal exec reacts to the development
Alex Chriss, the president and CEO of PayPal while reacting to the development described Middle East and Africa as home to some of the most dynamic and rapidly evolving businesses in the world. He added that committing the $100 million investment to the Middle East and Africa region will increase investment in technologies, and partnerships. The exec added that it will also provide solutions that will help entrepreneurs scale faster, expand their reach beyond borders, and unlock new opportunities for growth in the digital economy in the coming years.
Similarly, Otto Williams, the Senior Vice President resident, Regional Head, and General Manager of PayPal Middle East and Africa has reacted to the development. According to him, the $100 million investment underscores PayPal’s dedication to expanding its presence in the Middle East and Africa. He added that the firm focuses on building stronger connections between local businesses and the global marketplace, and also ensuring that millions of business and customers have access to the digital services they need to survive.
Its worth noting that this development comes barely five months after PayPal launched its first regional hub in Dubai. As revealed, the gateway was designed to deliver global commerce capabilities to the region by providing businesses from large enterprises to small merchants with frictionless payments, robust security and greater access to international markets
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