Wadi Degla Developments forges strategic partnership with Subsbase to propel digital integration of real estate and banking
By Eman Hamed
Wadi Degla Developments, a prominent real estate developer in Egypt, has entered a strategic partnership with Subsbase backed by Banque Misr, one of its key investors. Subsbase, a leading platform for managing recurring revenue and subscriptions. The collaboration aims to integrate receivables transactions into Wadi Degla Developments’ systems and facilitate overseas recurring payments as well. The partnership anticipates providing enhanced financial visibility, improved cash flow management, stronger customer relationships, and additional growth opportunities for Wadi Degla.
Raymond Ahdy, Deputy CEO of Wadi Degla Developments, expressed enthusiasm for the partnership, emphasizing its significance in aligning real estate payments with modern banking services. He stated, “This move represents a substantial shift in our internal practices, reaffirming our commitment to customers by facilitating processes aligned with today’s commercial realities.”
In a sector falling behind in adopting real-time payments, Wadi Degla’s initiative addresses challenges like delayed payments and late fees, common with the reliance on paper checks. Real estate companies have been slow to embrace modernized payment methods, with only about 1% engaging in real-time payments. Legal and IT challenges, along with costs, contribute to this hesitation.
Mohamed Farag, CEO of Subsbase, highlighted the impact of the partnership. “Our partnership with an industry leader such as Wadi Degla Developments is a major milestone. We’re excited to demonstrate how Subsbase addresses the challenges in the real estate industry.”
The partnership with Subsbase will introduce real-time payments, recognizing benefits in efficiency, cost savings, security, and a more convenient experience.
The incorporation of Subsbase’s payment systems becomes crucial amid Egypt’s shift towards a cashless economy. The partnership addresses the growing prevalence of digital payments, with services valued at EGP 7.8 trillion since 2019. Ahdy highlighted the strategic importance: “This facility allows us to leverage the growing prevalence of digital payments, streamline financial processes, and enhance the overall customer experience.
The cloud-based platform enhances the management of recurring payments, automating billing processes and managing customer payments with precision. This reduces business overhead, time savings, and improves operational effectiveness.
“Our flexibility allows us to respond to various industry requirements and keep up with the changing demands in this market. Plus, our smooth integration with CRM and ERP systems helps reduce the chances of human errors,” Farag said.
The initial phase involves integration with all Egyptian banks and payment providers as well as international banks to enable seamless transactions. The platform capabilities play a significant role in the facilitation of transactions that involve foreign currencies, ensuring they are conducted automatically and in real-time, paving the way for Wadi Degla Developments’ contribution to the real estate export initiative.
“This collaboration with Wadi Degla will be a case study that will inspire fresh thinking and innovation throughout the industry. Our future success will encourage others to embrace new approaches in the field,” said Sherif Aziz, Co-Founder and Chief Business Officer of Subsbase.
Wadi Degla aims to offer customers a worry-free overseas payment facility through the Subsbase platforms, enhancing overall satisfaction and convenience. Raymond Ahdy concluded by emphasizing the global reach of Wadi Degla and the significance of Subsbase in facilitating transactions and collections across borders. He stated, “Subsbase’s capabilities become pivotal to ensure transactions are conducted smoothly across borders, contributing significantly to Wadi Degla’s ability to cater to a global clientele and create a more inclusive experience for our expanding customer base.”