Exclusive to Mubasher – Ahmed El Shamsy – Bahrain – Tino Waked, CEO – Middle East at Taptap Send, said Bahrain represents an important market for the company and stands out as a centre for talent and innovation and a testbed for fintech, highlighting the Kingdom’s regulatory environment, financial infrastructure and support for fintech companies.
In an exclusive interview with Mubasher, Waked said Egypt is one of Taptap Send’s important markets, pointing to the significant development of digital payments in the country, particularly the growth of services such as InstaPay and instant transfers.
He said technology has made money transfers faster, easier and more affordable, noting that more than 90% of transfers through the platform arrive within less than five minutes.
Waked also discussed Taptap Send’s entry into Bahrain, the role of the Central Bank of Bahrain and the Bahrain Economic Development Board in supporting the company, and the changing behavior of remittance customers as digital services become more widely adopted.
What distinguishes Taptap Send’s money transfer experience?
The basic idea is to make transfers simple and fast. We currently operate in more than 35 sending countries and can send money to more than 90 receiving countries.
Recipients can receive the money in a bank account, an electronic wallet, or through other options depending on the market.
In Egypt, we have several options, including bank accounts, a number of electronic wallets and cash pickup services.
What about the speed of transfers?
Speed is a key element in this business. Most transfers arrive within a minute and more than 90% of transfers through our platform arrive in less than five minutes.
Technology and our partnerships with banks and payment companies help us provide the service faster and more efficiently.
You recently launched your services in Bahrain. Why did you choose Bahrain?
There are two reasons Bahrain is important to us. First, there are more than 800,000 expatriates living here sending money back home. In the month since our launch, the customer feedback has been overwhelmingly positive - both for speed and the experience. Secondly, and I would say even more important, is the environment it provides for fintech companies.
The Central Bank of Bahrain has a clear focus on supporting innovation and digital transformation, while maintaining a strong level of regulation and stability in the financial sector.
The Bahrain Economic Development Board also played an important role in connecting us with different parties, including regulators, banks and companies operating within the ecosystem.
Do you see Bahrain as more than just a market for your services?
Absolutely. Bahrain is an important market for us due to the large number of expats here, but it is also a centre for talent and innovation, and a place where fintech companies can test, learn and refine new products before scaling them.
The Kingdom has a deep pool of financial and technology talent, strong digital infrastructure, and a regulator that is open to new ideas. That combination makes it a natural testbed for fintech, and an important place for us to build and develop our capabilities over the long term.
How do you view the future of money transfers in the Gulf?
The Gulf is one of the most important regions in the world when it comes to money transfers, so it is a key market for any company operating in this field.
Our goal is to expand across the Gulf countries, but every market has its own requirements and regulations. Therefore, we approach each country independently and operate according to its local rules.
What about Egypt amid the recent developments in the foreign exchange market?
Stability in the foreign exchange market is very important for customer confidence in official transfer channels.
When customers feel that the money they send will reach their families in a clear and fair way, using official channels becomes more attractive.
In Egypt, recent developments in the foreign exchange market, together with the growth of digital services, have helped support confidence in official transfers.
How do you view the Egyptian market, and what makes it important for Taptap Send?
Egypt is one of our important markets, not only because of its size, but also because there are large numbers of Egyptians living and working outside the country and sending money to their families.
We are present in Egypt through a number of partnerships with banks and electronic wallet companies, and we continue to develop the money transfer experience for Egyptians living abroad.
How do you see the development of Egypt’s digital payments sector in recent years?
The development has been very significant. The Central Bank of Egypt has done important work in driving digital transformation, and InstaPay is a clear example of that.
Today, transferring money between accounts has become much easier and faster. This helps reduce reliance on cash transactions and gives customers greater confidence in using digital channels.
What has changed in customer behavior with the spread of digital transfers?
The change is significant. In the past, customers had to go to a branch or another location to transfer money and wait in queues. They would often make a transfer once a month.
Today, customers can make a transfer from their phones at almost any time. As costs have decreased and speed has increased, it has become normal for customers to make transfers more than once a month.
For us, this is one of the most important impacts of technology: it has not only made transfers faster, but has also changed the way people use the service itself.
How do you expect money transfer services to develop over the coming years?
I believe money transfers will not simply be about sending money from one country to another. Technology creates opportunities to offer users more financial services, faster and more easily.
But the fundamentals will remain trust, speed, an appropriate cost and the ability to provide customers with a simple digital experience.
We are focused on these elements as we continue expanding across the region.
