Hungarian Festipay strategic agreement for cashless payment services in the Middle East – UPDATED

Gulf Strategic Solutions (GSS), a specialist events company in the Middle East and Fesitpay, the cashless payment technology provider, today announced the signing of a strategic alliance with the aim of developing integrated cashless payment solutions and event planning services across the Middle East.

Festipay historic agreement

The new partnership will aim to develop market leading event services, with a focus on the development, promotion and distribution of Festipay’s cashless payment solutions, which have been utilized across several major events across Europe and the Middle East in recent years.

GSS is an affiliated company of Bahrain International Circuit (BIC) and was established in 2023 to develop specialist event planning services for third parties, based on its 20 years of expertise in running the Formula 1 Grand Prix and many other significant events for third parties.

Its relationship with Festipay was cemented last year as The Bahrain Grand Prix became a cashless venue for the first time ever, making use of the technology and expertise provided by Festipay. As well as providing integrated point of sale technology across the venue for card transactions, it also developed “BIC Pay” a pre-paid card solution for customers, meaning that fans enjoyed simple, fast cashless payments across BIC. The technology has also been used for other major events at BIC, including The World Endurance Championship and The Bahrain Darts Masters.

Ambitious plans

GSS will work with Festipay to promote and implement the cashless solution and associated technologies to major events across the region.

Sheikh Salman bin Isa Al Khalifa, Chief Executive of Bahrain International Circuit, said:

“Since its establishment, GSS has sought to partner with best-in-class organisations that share our ambition to deliver high quality events. Festipay’s expertise in cashless payment solutions, as evidenced by it’s work at last year’s Formula 1 race in Bahrain, means that this strategic alliance is a natural partnership for us. We look forward to working with the team at Festipay on new and exciting opportunities.”

László Márki, CEO of Festipay, said:

“Festipay has been a key player in the Central and Eastern European event digital payment market for a decade. A significant milestone for us was that we had won the digital payment service contract for the Formula 1 Bahrain Grand Prix. And it is equally important that we have found not just a client but a strategic partner in Bahrain, allowing us to collaborate closely in the Middle East. According to the agreement we have just signed, we are entering one of the world’s most rapidly growing digital payment markets in partnership with GSS.”

Hungarian government supports Festipay agreement

Hungary and Bahrain are both part of the “global pro-peace majority”, Foreign Minister Péter Szijjártó said after talks with his Bahrain counterpart in Manama on Wednesday.

The world has entered “an era of dangers”, Szijjártó told a joint press conference with Abdullatif bin Rashid Al Zayani, according to a ministry statement, noting the ongoing wars in Europe and the Middle East. “And I come from the European Union, an integration gripped by pro-war hysteria,” the minister said. “And since Hungary, by contrast, has taken a pro-peace position, we especially appreciate the countries in other parts of the world which take such a firm and loud stand for peace the way Bahrain does.”

“We are also proud that Hungary and Bahrain are both part of the global pro-peace majority, which does in fact exist despite the fact that European mainstream media constantly tries to deny it,” he added. Szijjártó expressed his appreciation for Bahrain’s efforts to strengthen the stability of the Middle East, underlining that everyone had a right to live in peace in their homeland. “And we will continue to take a joint stand for urgent peace in Ukraine,” he said. “We were in agreement that there’s no solution on the battlefield and that only a ceasefire and peace talks can lead to a solution… Weapons deliveries only aggravate the situation.” “And we will also continue to take joint action against terrorism and terrorist organisations, and we’d like it if the conditions for the release of the hostages were established as soon as possible,” he added.

Szijjártó warned that the growing threat of escalation carried the risk of a re-emergence of geopolitical blocs, saying that Hungary and Bahrain both believed in cooperation and connectivity. He said Hungary urged the European Union to develop the closest possible cooperation with the Gulf countries, resume free trade talks with the Gulf Cooperation Council and reach a visa agreement. “This is why it’s an honour for us that the EU-Gulf Cooperation Council summit will be held during Hungary’s EU presidency, during which, we sincerely hope, the European countries will hear the pro-peace voice of the Arab countries,” he said.

Meanwhile, Szijjártó said Hungary and Bahrain signed two key agreements on Wednesday. Under one of the agreements, Hungary will from next year offer university scholarships to ten Bahraini students each year. The scholarship programme will guarantee young Bahraini athletes the opportunity to do sports and study in Hungary, he said.

The other agreement concerns the reciprocal protection of investments, the minister said, adding that this was important because of the Hungarian businesses that are about to enter the Bahrain market. He welcomed that Hungary’s Festipay is investing in software development in Bahrain, as part of which it will supply a cashless payment solution at the Formula One Bahrain Grand Prix, “and then hopefully other events as well”. The Hungarian government is supporting the investment with a one million euro grant, he added.

Szijjártó also welcomed that talks on oil and gas company MOL’s investments in Bahrain were “in the home stretch”, and as such the company is set to supply eco-friendly oil extraction technology to the Gulf country. He said an agreement could soon be reached on the construction of a rubber bitumen plant in the country by MOL and its local peer.

The Gulf Strategic Solutions

Based on an unparalleled level of experience in the events sector, GSS is a consulting business for event organization and execution across the Middle East. Leveraging the company’s expertise across all areas of event management, GSS offers turnkey solutions to its clients, which can deliver the detail and operational performance of any kind of major event across the region. The Company has over 20 years’ experience in managing events including the Bahrain Grand Prix, as well as several non-motorsport events for third party clients in Bahrain.

The Festipay

Festipay is Central and Eastern Europe’s leading digital payment and integrated event management service provider, serving thousands of merchants across 13 countries at festivals, events, and hospitality venues. The company has become a trusted partner for organizers and merchants in various industries by offering seamless payment solutions. Festipay specializes in state-of-the-art, integrated fintech solutions and secure transactions, enabling organizers to deliver exceptional event experiences through innovative payment solutions.

Festipay’s services are used at some of the largest festivals in Hungary and Romania. Additionally, they are present at numerous permanent venues, including Budapest’s thermal baths, ski resorts, and entertainment venues.

Beyond its success in providing integrated event management services for Hungary’s and Romania’s largest festivals, Festipay’s achievements include the inaugural UNTOLD Dubai this year. The largest electronic music megafestival in the Emirates also utilized Festipay for entry management and cashless payments. Following its operations in Europe and Southeast Asia, Festipay is now prepared to serve events and merchants in the Middle Eastern countries as well.

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