Tencent Cloud announces partnership with Balance to transform e-wallet payment experience during its third consecutive year at GITEX 2024
DUBAI, UAE, Oct. 21, 2024 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, continued to strengthen its presence in the Middle East and Africa (MEA) with its third consecutive showcase at GITEX GLOBAL 2024, underscoring the company’s commitment to growing alongside the region’s digital economy ambitions.
This year, Tencent Cloud is entering a new partnership with Balance, a leading e-wallet provider in Dubai, to revolutionize the Middle East payment landscape.
Tencent Cloud has consistently achieved strong double-digit business growth in the region, driven by strong interest from both public and private sectors for digital transformation and cloud-based innovations. At GITEX GLOBAL 2024, Tencent Cloud announced two significant milestone projects that demonstrate its capabilities in driving local digital transformation.
Tencent Cloud Expands to Support Middle Eastern Digital Ecosystem
This year, Tencent Cloud is entering a new partnership with Balance, a leading e-wallet provider in Dubai, to revolutionize the Middle East payment landscape. Balance will adopt the Tencent Cloud technologies into its payment system, enabling compliant, secure and seamless identity authentication for payment. Over the longer term, Balance will explore the adoption of the TCMPP platform as part of its app, providing users access to a host of essential daily services and products through a single interface.
Kartik Tikku, Founder and Chief Executive Officer of Balance, said, "We are fortunate to be working with Tencent Cloud as this allows us to break into new markets such as Saudi Arabia and the UAE, which have witnessed strong demand for cloud services. This partnership aligned with our strategy to revolutionize mobile banking in the Middle East through exciting innovation, add value to our ecosystem as well as enhance the overall digital payment experience for consumers."
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 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.
"Looking ahead, we see tremendous potential in the gaming sector, where our proven capabilities will serve as a key enabler to foster growth and cultivate a thriving ecosystem of developers and players. Leveraging our track record of supporting the Weixin/WeChat ecosystem with over 1.3 billion monthly active users, Tencent Cloud envisions a dedicated ‘MiniGame Platform’ to attract a new demographic of mobile gamers."
With the UAE’s electronic gaming market expected to reach nearly US$500 million in revenue by 2027, the MiniGame Platform will play a critical role in driving new revenue streams for gaming businesses and supporting the local game development ecosystem.
As an example, Tencent Cloud’s recent partnership with PlaysOut – a UAE-based, global game technology company – marks an early success story for the company in the UAE’s gaming sector. Through this collaboration, PlaysOut will leverage TCMPP to develop a high-quality, modular and open digital platform that will serve as a global digital content ecosystem in which developers can build and host their own mini programs and mini games.
Big Strides in Regional Business Expansion Efforts
The Middle East continues to be a bright spot for Tencent Cloud’s international business aspirations, with multiple recent additions to Tencent Cloud’s global partner ecosystem in the region. In addition to the Middle East, Tencent Cloud enjoys a strong presence in Asia, Europe, the Americas, and Asia Pacific. Growth is driven by the more than 10,000 businesses across 30 industries in over 80 markets and regions that the company presently serves.
Tencent Cloud’s regional presence is driven by its global partner ecosystem, having created an innovative and dynamic tech ecosystem for Abu Dhabi’s private and public sectors, with applications cutting across Mini Programs, Tencent Real-Time Communication (TRTC), Live-streaming and Media Solutions.
GITEX Global 2024, now in its 44th iteration, remains one of the world’s most iconic tech events. This year, the event hosted over 200,000 trade buyers, 65,000 C-level executives, and 6,600 global tech firms from 180 countries.
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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.
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