Dubai – Balance has continued to strengthen its focus on innovation in the Middle East and Africa (MEA) financial services with its palm payments showcase at GITEX GLOBAL 2024. 

GITEX Global 2024, now in its 44th iteration, remains one of the world's most iconic tech events. This year’s event hosted over 6500 exhibitors and featured Delegates and Speakers from over 180 countries.

The MOU signing today underscores the commitment to build a new groundbreaking technology ecosystem in the Middle East and beyond. 

Through the partnership with Tencent Cloud, Balance is focusing on the development of several crucial digital ecosystems across the UAE. 

Also, Tencent’s focus on a Middle East expansion continues at GITEX GLOBAL 2024 with this strategic partnership with Balance, a leading ewallet provider in Dubai. This partnership will bring cutting edge technology to Balance including palm payments and the very popular WeChat mini app solution (TCMPP).

Tencent has committed to the region with Tencent Cloud experiencing over 80% business growth driven by strong interest from both public and private sectors for digital transformation and cloud-based innovations. 

For example this year, the Tencent Cloud team will work with Abu Dhabi Department of Government Services (TAMM) to transform into a comprehensive marketplace featuring an expanded range of government services and, for the first time, to involve various commercial offerings—from daily retail purchases to entertainment services.

Tencent Cloud by entering a new partnership with Balance, a leading e-wallet provider in Dubai, now also looking to help revolutionise the Middle East payment landscape. Balance will integrate the Tencent Cloud Palm Verification capability into its payment system, enabling secure and seamless identity authentication for payment authorizations. The authentication will occur within Balance’s private, dedicated environment, ensuring a fully compliant and secure payment ecosystem. Balance is also working on the adoption of the TCMPP platform as part of its app, thus providing brands and users solutions to access a host of essential daily services and products through a single interface.

Kartik Tikku, Founder & CEO of Balance, is looking forward to this partnership with Tencent, bringing the world’s best payments experience to the UAE and beyond. The smart POS with palm payments is the leading technology that is currently only available with Tencent and Amazon. Balance projects that the UAE’s young population craves innovation and the best in global technology. “We are proud to bring this solution to multiple partners including restaurants, gyms, salons, hotels and supermarkets in the UAE.

Dan Hu, Vice President of Tencent Cloud International for the Middle East and Africa, said, “As Tencent Cloud continues to deepen its presence in the region, we are confident that our cloud and AI solutions are fully aligned with the local market’s needs and digital transformation goals. The new partnership with Balance is a testament to our technology’s ability to empower local businesses and government services alike, creating secure, efficient, and innovative platforms that enhance the everyday lives of users”.

About Balance

Balance, a leading digital wallet ecosystem, with the aim to build the most innovative wallet for the most innovative city in the world. With the ever changing technology Balance plans to create state of the art payments technology to birth a powerful community of friends, family and brands. And a secure world where your money works for you, so you can pursue dreams you promised yourself.

About Tencent Cloud

Tencent Cloud, one of the world's leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel and transportation.

For further information, Contact us @ press@balance.me