HDC Announces Berrypay Expansion Into Algerian Market
By K. Naveen Prabu
KUALA LUMPUR, Sept 18 (Bernama) -- Halal Development Corporation Bhd (HDC) on Thursday announced the expansion of Malaysian financial technology (fintech) 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), said the move is in line with its mandate to develop Malaysia’s halal economy and support local companies in expanding abroad.
BerryPay founder Azrin Hadi Abdullah said Algeria was chosen as the company’s first North African market due to its strong fundamentals and potential for Islamic finance.
“Algeria is very much a greenfield market. It remains a cash-driven economy with a large population of about 50 million, many of whom are young and part of a growing generation,” he told Bernama after the announcement.
He noted that the move also complements BerryPay’s existing presence in Dubai, positioning Algeria as a strategic entry point into the wider Middle East and North Africa (MENA) region.
On investment, Azrin Hadi said BerryPay has set a five-year growth forecast in Algeria.
“We have the forecast for the next five years, and it will definitely be in the double-digit million-dollar range. We are among the first three or four licensed recipients from the Central Bank of Algeria,” he said.
He added that BerryPay’s future expansion plans include Saudi Arabia, particularly to support cashless services for Umrah and Hajj pilgrims, as well as European markets such as Spain and France, where there are significant Muslim populations.
ABD Invest Group chairman and chief executive officer Abdelhak Bousbia said the partnership comes at a time when Algeria and Malaysia are strengthening economic ties.
“The Algerian market is now growing technologically, and with our shared Islamic and halal culture, Malaysia is the most relevant partner. Through this collaboration, BerryPay will provide a fintech solution to bridge knowledge and technology between the two countries,” he said.
In a separate statement, HDC chief executive officer Hairol Ariffien Sahari said the partnership reflects Malaysia’s drive to expand its halal economy footprint globally.
“It echoes HDC’s role in opening doors for Malaysian companies to explore new markets, while contributing to Algeria’s digital transformation agenda,” he said.
Malaysia’s halal exports to Algeria rose 24 per cent in 2024 to RM156.3 million, led by food and beverages, cosmetics, halal-certified ingredients and palm oil derivatives.
-- BERNAMA
