Commercial Bank of Dubai (CBD) and Bahrain-based fintech Infinios Financial Services have announced a strategic partnership to support the growing fintech ecosystem in United Arab Emirates.
Under the partnership, the two will join hands to enable fintech and digital commerce businesses and drive the take-up of embedded financial services in the UAE to achieve the financial inclusion objectives of the UAE.
In a statement, the CBD said its focus on innovation and commitment to providing innovative digital financial services to the UAE market will enable Infinios to expand its regionally unique banking-as-a-service solution (BaaS) to include domestic payment services in the UAE.
Infinios’ BaaS offering couples the company’s Infinite Financial Solutions technology platform with its own regulatory licenses and payment network relationships, and with regulated financial services provided by its network of banking partners in MENA, European Union, United Kingdom and United States of America, the statement said.
It provides access to comprehensive digital banking and payments technologies via simple to integrate APIs that enable its customers to build feature rich customer financial services experiences and then scale their products internationally.
Andrew Sims, CEO, Infinios said the firm’s digital banking, issuing and acquiring processing technologies, combined with the strength and market presence of CBD, will enable it to plug a gap and provide a rapid route to market in the UAE for the numerous FinTech and Digital Commerce companies being incubated regionally.
Amit Malhotra, General Manager – Personal Banking Group, CBD, said that over the past few years, there has been a huge increase in the number of FinTechs, which has spiked even more in the past year due to the global Covid pandemic.
“We see a clear opportunity to provide FinTechs with adequate support and digital financing solutions to help them grow and scale up their businesses,” he added.
CBD and Infinios expect to make further announcements related to the first products to be launched under the partnership in the near future.
CBD and Infinios announce pact
- Achieving the financial inclusion objective of the UAE one of the aims behind partnership.
- The partnership will help Infinios to expand its regionally unique banking-as-a-service solution (BaaS).
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