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).
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.