Egyptian non-bank lender Beltone Leasing and Factoring has hired Farouk Elmasry as an international factoring senior manager, a newly created role as the firm works to establish its presence in the global market.

Having started in March, Elmasry is responsible for managing various aspects of Beltone’s international factoring business, including correspondent relationships, product development and transaction structuring.

He reports to Beltone’s factoring managing director, Haytham Farid, and will cater to clients of various sizes.

“We will be serving both large corporates and SMEs, and in regard to the trade flows, we will be accommodating Egyptian exports in general on both the products and services level,” Elmasry tells GTR.

Elmasry joins from Arab African International Bank, where he held various roles over the past nine years, serving most recently as trade structuring and products development manager.

Egypt’s financial regulator granted Beltone Holding a licence to conduct its factoring business in September 2023, and by late last year, it had facilitated factoring transactions worth nearly E£5.8bn (US$110mn).

In December 2024, the firm joined industry association FCI’s network and said its membership would position it to become a “key player” in both the local and regional markets.