UAE - Mubasher: A consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners is holding an advanced discussion over a potential merger with Bahrain's BFC Group Holdings to form a regional fintech with licences to operate in more than 30 countries.
BFC Group’s products include BFC Forex and BFC Payments, according to a press release on Wednesday.
In December 2020, Prism Group and Abu Dhabi’s Royal Strategic Partners formed a consortium to purchase the assets of Finablr, the London-listed payments firm.
Finablr has a presence in 170 countries and includes the UAE Exchange, Unimoni, and Xpress Money brands.
Hence, the deal, expected to be finalised by the second quarter (Q2) of 2021, would create the largest remittance services and currency exchange group in the MENA region, with a direct presence in all six GCC countries.
The transaction is subject to regulatory approval in India, Bahrain and Kuwait.
The CEO of Prism Group, Amir Nagammy, commented: "We plan to leverage new technology to become the first truly omni-channel financial services company in the region, offering fast and efficient payment systems for over 24 million clients."
Meanwhile, the BFC Chairman, Ziad El Chaar, said: "The proposed merger represents a new chapter in the company’s history and would secure its future under new ownership."