Amricon\'s SMART Cheque attracts investors from the region. Company signs MOU with Saudi investor to launch the solution.
|Jan 10, 2007|
January 10, 2007
Amricon, a leading smart solutions company in the Middle East, has announced the signing of a Memorandum of Understanding (MoU) with Saudi investor Khaled AbuHemed to launch and promote Amricon’s SMART Cheque solution in the Kingdom of Bahrain. Under the terms of the MoU, a company providing unique financial services and investments in the region will be set up for the purpose of launching and promoting the SMART Cheque solution. The MoU was signed between Mousa Al Amri, President of Amricon, and khaled AbuHemed.
Khaled Abu Hemed is the President of Owma Trading Co., a Riyadh-based business conglomerate with interests in trading, manufacturing, food, banking, services, and investment sectors for over23 years. He is also a board member, and a member of the executive committee of the International Investment Bank in Bahrain.
The Amricon SMART Cheque is a standard printed cheque with an embedded Radio Frequency Identification (RFID) chip, which stores information verifying the identity of the payer and the information printed on the cheque. This information can then be used to authenticate the transaction electronically and guarantee payment prior to proceeding with the cheque clearing process and transfer of funds. This significantly reduces the opportunity for cheque fraud by guaranteeing payment to the payee (by blocking the funds at the time of the transfer) and using the latest authentication technology to authenticate the payer presenting the cheque.
Khaled AbuHemed said, “The region is witnessing rapid commercial and technological development, and this has created a need for secure smart solutions for financial transactions. We are investing in the SMART Cheque solution as we are convinced that regional markets present an ideal base for this type of investment that fulfills the needs of the financial, banking, and commercial sectors.”
“Together with our new strategic business partner we are better positioned to tackle challenges and exploit investment opportunities in the region. We are pleased to present our SMART Cheque solution in Bahrain, and we foresee a huge demand for it, given its major advantages. This solution aims to make cheques more secure while minimizing the risk of cheque fraud for both the payer and the payee with the use of advanced authorization. Further, this new technology also reduces cheque processing and clearance time from 3-5 days to instant clearing” said Mousa Al Amri.
Owma Trading is an acclaimed company in the region with dedicated staff and high level expertise. Its operations expanded rapidly since its establishment in 1984, to include investment in the Kingdom of Bahrain, England, and USA, in addition to its businesses in Saudi Arabia.
The location and premises of the new company in Bahrain will be announced soon and this new venture will add a new landmark to the map of successful alliances and businesses in the region.