{"id":17426,"date":"2022-06-15T21:13:05","date_gmt":"2022-06-15T21:13:05","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=17426"},"modified":"2022-06-26T21:15:10","modified_gmt":"2022-06-26T21:15:10","slug":"fas-labs-partners-with-valu-to-implement-buy-now-pay-later-scheme-in-saudi-arabia","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/06\/15\/fas-labs-partners-with-valu-to-implement-buy-now-pay-later-scheme-in-saudi-arabia\/","title":{"rendered":"FAS Labs partners with valU to implement buy-now-pay-later scheme in Saudi Arabia\u00a0"},"content":{"rendered":"


\nSaudi Arabia\u2019s FAS Labs, franchise retailer co-owned by Fawaz Abdulaziz Alhokair & Company and mall developer and operator Arabian Centres Co., has partnered with valU, buy-now-pay-later fintech platform from Egyptian Financial Group (EFG) Hermes Holding.\u00a0<\/span>\u00a0<\/span><\/p>\n

The companies will pool SAR55 million to create FAS Finance, a digital consumer buy-now-pay-later finance solution which is set to operate as FAS Labs\u2019 online payment solution.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cArabian Centres and Alhokair share a pioneering history and a strong team with longstanding partnerships contributing to a robust retail footprint in Saudi Arabia,\u201d said Mohamad Mourad, managing director of Arabian Centres Co. and interim CEO of Fawaz Abdulaziz Alhokair & Company.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThe launch of FAS Finance and the strategic partnership with valU are perfectly aligned with our commitment to drive a robust omnichannel experience.\u201d<\/span>\u00a0<\/span><\/p>\n

Shoppers will be able to make online purchases instantly and schedule purchase value to be repaid in interest-free instalments.\u00a0<\/span>\u00a0<\/span><\/p>\n

FAS Finance will also be implemented across Fawaz Abdulaziz Alhokair & Company\u2019s portfolio of over 1,000 stores, 14 Saudi Arabian mono-brand websites and Vogacloset, UK-based e-commerce platform operating in the Middle East and North Africa.\u00a0<\/span>\u00a0<\/span><\/p>\n

Arabian Centres Co.\u2019s 21 shopping centres across 11 cities will also allow shoppers to use the buy-now-pay-later scheme at tenants\u2019 stores.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThrough the integration of innovative payment solutions, we offer greater affordability and value for our customers, all available through one digital platform,\u201d Mr Mourad added.\u00a0<\/span>\u00a0<\/span><\/p>\n

Various vendors and other operators\u2019 retail networks will also avail FAS Finance in the future.\u00a0<\/span>\u00a0<\/span><\/p>\n

The partnership complements valU\u2019s regional expansion plans and the Saudi Arabian operators\u2019 efforts to integrate technological initiatives amid the Kingdom\u2019s digital transformation.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe are honoured to be partnering with Alhokair and [Arabian Centres Co.] as part of our strategy to expand our product offering in new markets,\u201d said Karim Awad, group CEO of EFG Hermes Holding.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cEFG Hermes has been in the Saudi Arabian market since 2007 offering brokerage, research and advisory services, this is a market we are committed to acting as catalysts for wider change within our industry.\u201d<\/span>\u00a0<\/span><\/p>\n

FAS Labs\u2019 objective is to construct shopping platforms integrated with accessible and customisable digital consumer finance solutions, which valU aims to support.<\/span>\u00a0<\/span><\/p>\n

\u201cWe are proud to have grown a strong brand like valU that offers finance solutions that directly feed into elevating consumers\u2019 lifestyles,\u201d Mr Awad added.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe believe that the partnerships have forged and continue to initiate change and actively contribute to the future prosperity of both business and society.\u201d<\/span>\u00a0<\/span><\/p>\n

Besides the buy-now-pay-later scheme, FAS Finance will offer customers cash loans.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe are delighted to enter this strategic partnership,\u201d said Walid Hassouna, CEO of the Non-Bank Financial Institutions platform at EFG Hermes Holding and CEO of valU.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cvalU has retained its position as the market leader in [buy-now-pay-later] solutions in the MENA region and Alhokair choosing us further cements this.\u201d<\/span>\u00a0<\/span><\/p>\n

Sixty-five per cent of FAS Finance will be owned by FAS Labs, with the remaining 35 per cent to be owned by valU.<\/span>\u00a0<\/span><\/p>\n

\u201cvalU\u2019s launch in Saudi Arabia comes as a natural progression of our strong partnership with Alhokair and is our first move outside of Egypt with other similar moves to follow soon,\u201d Mr Hassouna added.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe will also be utilising our extensive network that we have built with valU for brands that have presence in the Saudi market and extending our services to include them.\u201d<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian buy-now-pay-later scheme to run across Saudi malls. <\/p>\n","protected":false},"author":39,"featured_media":17558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,1],"tags":[4134,4074,2683,4107],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17426"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=17426"}],"version-history":[{"count":1,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17426\/revisions"}],"predecessor-version":[{"id":17559,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17426\/revisions\/17559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/17558"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=17426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=17426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=17426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}