HSBC Egypt said Wednesday that it has joined forces with Uber Technologies to launch Flexpay, a digital payments solution that provides unbanked drivers on the ride-hailing platform with convenient and fast access to 100% of their earnings through the bank’s payment solution.
The partnership is part of HSBC and Uber’s commitment to continuously find innovative solutions to leverage innovative technologies to cater to local needs.
“As part of Uber’s long-term commitment to the drivers, enabling Flexpay will save almost 5% of drivers’ earnings by providing them with a direct and cost-effective way to receive these earnings and increase their liquidity,” the companies said in a joint statement.
Egypt, with a swelling population of more than 100 million, is the biggest market in the Middle East for ride-hailing services and has been among Uber’s top 10 markets globally.
“We are working towards providing more financially inclusive solutions for drivers on the platform to support them during these challenging economic times and to accelerate financial inclusion in line with the “Financial Inclusion Strategy for 22-25” and Egypt’s Vision 2030,” said Anabel Diaz, Uber Vice President and Regional General Manager for the Mobility Business in Europe, Middle East and Africa.
Uber’s 2019 acquisition of Careem gave the ride-hailing giant market dominance across the Middle East and Pakistan ahead of its public offering in the same year that raised $8.1 billion from investors and valued the company at $82.4 billion.
