#DisruptionBanking is live from the 2023 edition of WeMeeting, the bi-annual event hosted by the Morocco-based payments solution company HPS. This year’s event is taking place in the vibrant city of Marrakesh, where industry professionals from around the world have gathered to share their expertise and experience in the payments industry.
Hightech Payment Systems Group (HPS) has been making waves in the paytech industry for many years now. The company was founded by Mohamed Horani, Samir Khallouqui, Abdeslam Alaoui Smaili and Driss Sabbahe in 1995, and now has been ranked as the 17th best fintech company in the MENA region by Forbes. It is also the number one fintech in Morocco.
During the first day of the conference, I had the pleasure of speaking with Nabil Ibenbrahim, Managing Director at HPS, to give us an inside look at the company and its success. Nabil joined its leadership team in 2001 and has been witness to its remarkable growth over the last two decades.
As I sat down with him, I wanted to first ask him about the company’s early days and the origins of its success. In response to that, he emphasized the DNA of the company and his colleagues, characterized by a fierce work ethic, as well as a visionary approach. Timing, too, was key: “We created the company at the right time,” he told me. “At that time, the only payment systems on the market were legacy systems.” But HPS was different. “We had the vision to come up with an open technology. The market was looking for a solution that could provide a single technology platform, but at the same time, they were looking for alternatives to legacy platforms because they needed a more agile system to ensure time to market.”
When asked about competition, Nabil emphasised that the company was able to succeed by staying ahead of the game. HPS has been anticipating the fintech trend for years and is not only providing its technology to large institutions but also supporting fintechs looking to offer the latest technology and an agile offering to their customers. With a clear vision and an eye for strategic partnerships, HPS is poised to remain a leading fintech company in the MENA region.
The next thing we discussed was funding – often a make-or-break aspect of a startup’s success. “Of course, like any startup, we start with our own funds. We also very quickly realize that in order to go to another level, we need to bring some investors on board, and this is what we have done,” commented Nabil. In 2003, HPS opened its capital to external investors, which helped to bring fresh capital but also provided valuable governance to the company. In 2006, the company went public.
As HPS has achieved significant international recognition, with its payment solution “PowerCARD” now used by over 450 institutions across 90 countries, I also wanted to learn when did the company started being globally recognised. Nabil told me that the company’s goal was always to be an international player in the fintech space and that they focused on expanding their international revenues from the beginning. This focus on international expansion, combined with the recognition of their customers, has helped propel HPS to become a global leader in payment solutions.
Nabil also pointed out that HPS’s customer base is a major contributor to their global recognition. The company has established partnerships with several of the top 50 financial institutions worldwide, which has helped boost its international reputation. Additionally, HPS has customers who operate on a global scale, including large national and international payment organizations. These partnerships have played a crucial role in the company’s growth trajectory and global recognition.
As HPS is always a step ahead, I wanted to finish the conversation by asking Nabil about the company’s future plans. He revealed that the aim, for now, is to expand to North America, with the aim of establishing operations in the region. Nabil also mentioned that HPS is investing significantly in Asia and has already established an office in Singapore which is proving to be a promising venture. “We are simply very hungry to explore new markets and develop new innovations and new business models.” In particular, HPS believes that its SaaS and processing services will be in high demand in North America, and it is therefore focusing its efforts on expanding into the region. As the company continues to evolve and adapt to the changing needs of the market, it is clear that HPS has no intention of slowing down its global expansion anytime soon.
When asked about possible challenges related to that expansion, Nabil was not worried. “There are always challenges, but we have the experience to overcome them. We always try to push our experiences from other regions and take into consideration the local expertise.” With a strong track record of success and a commitment to innovation, it seems that HPS is poised to continue its growth trajectory in the years to come.
As we wrapped up our conversation, I couldn’t help but be struck by the impressive trajectory of HPS, a fintech company that has made a name for itself by offering innovative solutions in the fast-evolving world of payments technology. It’s a testament to the power of vision, hard work, and good timing, all ingredients that have helped HPS become a leading player not just in the Middle East and North Africa region, but also globally.
Author: Barbara Listek
For more coverage of the event, check out the lovely Hannah Duncan‘s article at Fintech Finance News!