Kuala lumpur: Halal Development Corporation Bhd (HDC) today announced the expansion of Malaysian financial technology firm BerryPay (M) Sdn Bhd into the Algerian market through a partnership with DIGITEC, a subsidiary of Algeria's ABD Invest Group. HDC, an agency under the Ministry of Investment, Trade and Industry (MITI), stated that the initiative aligns with its mandate to develop Malaysia's halal economy and support local companies in expanding abroad.
According to BERNAMA News Agency, BerryPay founder Azrin Hadi Abdullah revealed that Algeria was selected as the company's first North African market due to its solid fundamentals and potential for Islamic finance. He described Algeria as a greenfield market with a cash-driven economy and a large population nearing 50 million, many of whom are young and part of a growing generation. After the announcement, Azrin Hadi highlighted the strategic importance of Algeria as a gateway to the Middle East and North Africa (MENA) region, complementing BerryPay's existing presence in Dubai.
Azrin Hadi also discussed the company's investment plans, stating BerryPay has set a five-year growth forecast in Algeria, projecting a double-digit million-dollar range. He mentioned that BerryPay is among the first few licensed recipients from the Central Bank of Algeria. Future expansion plans for BerryPay include Saudi Arabia, to support cashless services for Umrah and Hajj pilgrims, and European markets such as Spain and France, which have significant Muslim populations.
ABD Invest Group chairman and chief executive officer Abdelhak Bousbia emphasized the timing of the partnership as Algeria and Malaysia strengthen economic ties. He noted the Algerian market's technological growth and the shared Islamic and halal culture between the two nations, positioning Malaysia as a relevant partner. Through this collaboration, BerryPay aims to provide a fintech solution to bridge knowledge and technology between Algeria and Malaysia.
In a separate statement, HDC chief executive officer Hairol Ariffien Sahari expressed that the partnership reflects Malaysia's ambition to expand its halal economy footprint globally. He noted that it mirrors HDC's role in facilitating Malaysian companies' exploration of new markets while contributing to Algeria's digital transformation agenda. Furthermore, Malaysia's halal exports to Algeria saw a 24 percent increase in 2024, reaching RM156.3 million, driven by food and beverages, cosmetics, halal-certified ingredients, and palm oil derivatives.