United International signs MoU to launch fintech payroll processing firm

05/01/2025 Argaam
Logo ofUnited International Holding Co.

Logo of United International Holding Co.

United International Holding Co. signed, on Jan. 2, a non-binding memorandum of understanding (MoU) with NowPay Corp., a fintech company, to establish a specialized company for payroll administration and processing services in Saudi Arabia.

 

The MoU will be valid for two months, with an option to extend, the company said in a statement to Tadawul.

 

For more news on listed companies

 

The initial investment in the fintech venture is estimated at SAR 75 million, subject to necessary regulatory approvals.

 

Under the agreement, United International will hold a 75% stake in the joint venture, while NowPay will own the remaining 25%.

 

The company is currently unable to determine the financial impact beyond the initial investment, the statement added.

 

There are no related parties involved in the deal, and any significant developments will be disclosed in due course.

 

NowPay provides payroll-processing solutions through a financial-wellness platform, assisting employees in managing their budgets more effectively. 

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.