PayMint, Egypt’s FinTech startup, partnered with Egypt’s Commodities Exchange (EMX) to develop EMX’s internal financial payment system.

PayMint uses innovative solutions to improve the infrastructure of the internal trade system and support the government’s vision to safeguard small farmers and producers.

The protocol entails setting up a that provides and categorizes commodities via an organized market to boost the competitiveness of small farmers and producers. The protocol reflects the expansion-focused plans of both PayMint and EMX and the growing role of startups in the Egyptian economy.

“We are pleased to succeed in completing this partnership with EMX. It promotes integration and closer cooperation between big entities, through which the state works to regulate the markets, and startups seeking to sustain development and digitization through providing innovative e-payment tools for stakeholders of EMX. We are working toward creating an innovative platform for EMX in alignment with up-to-date global systems in this field to be a reliable, integral part of EMX’s full-fledged e-system. Currently, PayMint is seeking to close a new funding round to boost its expansion plan in the e-payment and fintech sectors and to enter into new partnerships” Mohamed Rabie, Managing Director of PayMint, said.

The Egyptian Commodities Exchange Company (EMX) was founded in 2020 with a total capital of EGP 91 million. The company’s shareholders include the Egyptian Exchange (EGX), the Internal Trade Development Authority (ITDA), the General Authority For Supply Commodities (GASC), the Egyptian Holding Company for Silos and Storage (EHCSS), Misr Insurance Holding Company (MIHC), Misr for Central Clearing, Depository and Registry (MCDR), and a number of commercial and investment banks.