UAE-based financial institution Mashreq and global provider of payment solutions i2c have joined forces to offer improved digital payment tools in the UAE.
Following this collaboration, Mashreq will leverage i2c’s software-as-a-service payment to provide new products to consumers, merchants and fintech, the companies said in a press release.
Mashreq’s head of payments, Kartik Taneja, said: “UAE has seen significant growth and opportunity within the FinTech space, making the country a key FinTech hub.
“As we continue to focus on driving growth and innovation in the region, our partnership with i2c will enable us to support the FinTech ecosystem with speed and agility.”
With the new partnership, Mashreq and i2c aim to support FinTech companies in the UAE with new capabilities they can add in a plug-and-play fashion, according to the press release.
i2c’s general manager of CEMEA, Amir Yazdanpanah, said: “We are excited to partner with Mashreq to enable digital payments innovation in the UAE.
“Our scalable and agile platform, combined with their expertise, will enable the delivery of cutting-edge payment solutions to consumers and businesses in the region.”
In March last year, i2c teamed up with Visa to process payments for fintech outfits across the Mena region.
With headquarters in the US, i2c offers payment and banking solutions to its clients worldwide.
On the consumer side, payments, retail and fintech news agency PYMNTS has found that the UAE tops the 2023 Global Digital Shopping Index, which gauges the deployment of 34 digital capabilities merchants can offer consumers.
For the second year in a row, the UAE scored highest among the countries included in the report, outshining the US, the UK, Brazil, Mexico and India when it comes to the digital consumers experience.
