Smart solutions company Amricon has announced the signing of an MoU with Saudi investor Khaled Abu Hemed to launch and promote Amricon’s smart cheque solution in Bahrain.

Under the terms of the MoU, a company providing unique financial services and investments in the region will be set up for the purpose of launching and promoting the smart cheque solution. The MoU was signed between Mousa Al Amri, president of  Dubai-based Amricon, and Abu Hemed.  
Abu Hemed is the president of Owma Trading Co, a Riyadh-based business conglomerate with interests in the trading, manufacturing, food, banking, services, and investment sectors for over 23 years. He is also a board member, and a member of the executive committee of the International Investment Bank in Bahrain. The Amricon smart cheque is a standard printed cheque with an embedded radio frequency identification (RFID) chip, which stores information verifying the identity of the payer and the information printed on the cheque. This information can then be used to authenticate the transaction electronically and guarantee payment prior to proceeding with the cheque clearing process and transfer of funds. This significantly reduces the opportunity for cheque fraud by guaranteeing payment to the payee (by blocking the funds at the time of the transfer) and using the latest authentication technology to authenticate the payer presenting the cheque.
“The region is witnessing rapid commercial and technological development, and this has created a need for secure smart solutions for financial transactions,” said Abu Hemed.  “We are investing in the smart cheque solution as we are convinced that regional markets present an ideal base for this type of investment that fulfills the needs of the financial, banking, and commercial sectors.”
Al Amri said the new operation would be better positioned to tackle challenges and exploit investment opportunities in the region.
“We are pleased to present our smart cheque solution in Bahrain, and we foresee a huge demand for it, given its major advantages. This solution aims to make cheques more secure while minimising the risk of cheque fraud for both the payer and the payee with the use of advanced authorisation. Further, this new technology also reduces cheque processing and clearance time from three to five days to instant clearing.”
Owma Trading is well known in the region and operates with a dedicated staff and high-level expertise. Its operations expanded rapidly since its establishment in 1984 to include investment in Bahrain, England, and the US, in addition to its businesses in Saudi Arabia.
“The location and premises of the new company in Bahrain will be announced soon and this new venture will add a new landmark to the map of successful alliances and businesses in the region,” a statement said.