DUBAI, UAE, Aug. 2, 2023 /PRNewswire/ -- Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the largest Middle East and North Africa (MENA) based online social networking and gaming company, announced today it has established a Sustainable Account for Cash Management with Standard Chartered, one of the world's leading international banks.
Standard Chartered launched its Sustainable Accounts in 2021 to enable its corporate clients to contribute to sustainable development, while maintaining daily access to their finances for critical liquidity management needs. Deposits in Sustainable Accounts are referenced against Standard Chartered's sustainable projects, addressing some of the world's gravest long-term sustainability threats such as climate change. Sustainable projects are evaluated based on Standard Chartered's Green and Sustainable Product Framework, which is aligned with the United Nations' Sustainable Development Goals (SDGs).
"At Yalla Group, sustainability has always been integral to our corporate values," stated Mr. Yang Tao, Founder, Chairman and CEO of Yalla. "As MENA continues to develop rapidly, we will leverage our deep local insights to broaden our business horizons and incorporate sustainable practices company-wide. Ensuring that our cash management procedures contribute to enhancing sustainability throughout the local and international economies reflects Yalla's overall direction as well as our profound commitment to the MENA region."
Motasim Iqbal, Managing Director, Regional Head of Transaction Banking Sales for Africa and the Middle East at Standard Chartered, said: "Our Sustainable Accounts allow our corporate clients to advance their social responsibility efforts by embedding sustainability into their cash management while fulfilling their liquidity needs. Standard Chartered has been a key catalyst of the sustainability agenda in the UAE and the broader MENA region. We are pleased to be working with Yalla and look forward to supporting Yalla Group on its sustainability journey."
Standard Chartered's Green and Sustainable Product Framework has been co-authored with industry experts Sustainalytics.
About Yalla Group Limited
Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenue in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users' evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users; Waha, a social networking product featuring 3-D avatars; and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla's mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.
For more information, please visit: https://ir.yalla.com.
About Standard Chartered
Standard Chartered is a leading international banking group, with a presence in 57 of the world's most dynamic markets and serving clients in a further 64. The Bank's purpose is to drive commerce and prosperity through its unique diversity, and its heritage and values are expressed in the brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited's filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Yalla Group Limited
Kerry Gao - IR Director
Piacente Financial Communications
In the United States:
Piacente Financial Communications
SOURCE Yalla Group Limited