Mashreq and i2c announced the beginning of cooperation, within the framework of which the companies will present digital payment solutions in the financial services market of the United Arab Emirates (UAE).
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Mashreq, the leading financial institution in the UAE, will use i2c Software-As-A-Service (SaaS) payment and banking solutions to provide new products to consumers, merchants, and fintech. The relevant information is contained in the joint press release of the companies.
Kartika Taneji, head of the Mashreq payments department, says that currently, the UAE is witnessing the growth of the fintech sector and an increase in the number of opportunities to realize the potential of firms of the appropriate profile. He also noted that the country is gradually moving towards the status of a main center of this industry.
Kartika Taneji says that stimulating sustainable growth and innovation in the UAE is Mashreq’s main activity. The i2c partnership, he said, will support the fintech ecosystem.
The UAE is home to two fast—growing international financial centers — Abu Dhabi and Dubai. The country also has the third-largest economy in the Arab League.
The process of digital transformation, both in the UAE in particular and in the Middle East region as a whole, is being implemented successfully, but achieving global goals in this direction is impossible without efforts from traditional banks and payment systems.
The UAE tops the Global Digital Shopping Index 2023, which evaluates the use of 34 digital opportunities that merchants can offer to consumers. For the second year in a row, the country scored the highest figures, overtaking the United States, Great Britain, Brazil, Mexico, and India. Local consumers face a minimum number of additional procedures when making purchases.
Mashreq and i2c strive to support fintech companies in the UAE with new opportunities. CEMEA i2c General Manager Amir Yazdanpan stated that the company’s scalable and flexible platform, combined with the partner’s experience, will allow for providing advanced payment solutions to consumers and businesses in the region.
As we have reported earlier, UAE Central Bank Launches Digital Finance Initiatives.
