April 23, 2024

IPO News

ADX Growth Market Lists First Family-Owned Fintech MBME

MBME Group is the first financial technology company to be owned by a family to go public in the United Arab Emirates (UAE). The company began trading on the Abu Dhabi Securities Exchange (ADX). It runs the largest utility online and government-related payment platforms in the region. On its first day of trading, the fintech stock MBME (ticker symbol: AED12.000) opened at 12 AED and closed at 12.30 AED.

By listing on the ADX Growth Market, companies gain exposure to a large pool of investors, receive assistance from the ADX with investor engagement, and are given a chance to boost their brand equity. On the ADX tech stock market, MBME is the fourteenth company to join. ADX’s Chief Executive Officer and Managing Director Saeed Hamad Al Dhaheri believes that listing MBME will increase the exchange’s diversification and provide investors with more opportunities for profitable growth.

As per the stock news, MBME is an acknowledged expert in customized digitization services for government-related entities. It creates cutting-edge digital offerings that are individualized for each client. Over 3.2 million customers, 650 application programming interfaces (APIs), and 4,000 points of contact in the UAE contribute to the company’s annual 90+ million transaction volume. Long-term upkeep and enhancements are also a part of these fixes. MBME plans to invest the funds from the capital increase in new product acquisitions and launches of fintech firms in order to accelerate the business’s worldwide growth and initiate vertical and horizontal integrations.

 

Faisal Janahi, managing director of the group’s investment arm MBME Investment, has stated that the plan aims to broaden the company’s reach beyond the United Arab Emirates by establishing a presence in the Gulf Cooperation Council (GCC), the Middle East, and Southeast Asia. Additionally, the firm is planning international investments in financial technology companies.

Visit World Fintech News for the latest information and analysis on the financial sector and the fintech industry.

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