SDS, in partnership with ZainCash Iraq, a leader in fintech within the region, hascompleted disbursement of COVID-19 emergency relief funds to the Iraqi population.
The order worth SEK 1.2 million, from ZainCash Iraq, included asoftware license extension and contributed to revenue in the second quarter ofthis year. It is the first time SDS, with the help of its technology, supports agovernment with cashless transactions.
“Despite numerous challenges, we carried out a successful disbursement project withthe support of the SDS team and platform. The project provided essential relief inseriously impacted regions and required flexibility and a significant increase incapacity. We are glad to have had SDS as a business partner throughout thisprocess,” says Yazen Altimimi, CEO of ZainCash Iraq.
Due to the economic decline following the global spread of COVID-19, the Iraqigovernment put in place swift measures to support economic activity. Emergencyrelief funds for one million households were approved, aimed towards assistingpeople to continue the fulfillment of basic needs despite being significantly hitfinancially due to the outbreak of COVID-19.
ZainCash Iraq was chosen to manage the distribution of funds and SDS platform formobile financial services facilitated swift access to finances. Going forward, thistechnology will also help kickstart and accelerate sustainable development throughthe fintech innovation ecosystem.
“Our mobile financial platform backing Zain Cash continues to demonstrate the fullbenefits of digital transactions, especially under the exceptional crisis situation wherephysical contact must be avoided. We are proud to be on the front line of this battleagainst COVID-19 by contributing to the well-being and safety of the population. Oursolution is robust and scalable and supports the need to rapidly digitize transactions. We are looking forward to supporting other customers and governments to put in placesimilar solutions,” says Tommy Eriksson, CEO of SDS AB.