Indian jewellery brand Malabar Gold and Diamonds has partnered with Emirates NBD, a banking group in the Menat region, to streamline vendor payments.
This move allows NBD to support the retailer’s digital transformation strategy while ensuring the highest level of data integrity and security standards.
Managing director of international operations at Malabar Gold and Diamonds, Shamlal Ahamed, said: “Malabar Gold and Diamonds is proud to be the first in our industry to partner with Emirates NBD to implement its state-of-the-art API banking solution.
“This is in line with our brand’s constant effort to seamlessly blend the latest technological innovations into our operations, thereby improving security and efficiency. We are constantly seeking to improve the efficiency of payments to our associates, who are one of the most important arms of our operations and with Emirates NBD’s new API-based payment interface, we are confident of bringing another layer of seamless efficiency into our vendor payments. This will undoubtedly be another milestone in the long-standing association between Malabar Gold and Diamonds and Emirates NBD.”
At present, the jewellery group’s retail network comprises more than 310 outlets across 10 markets in the GCC region, India, the Far East and the US.
Malabar Group, owned by more than 4,000 shareholders, employs more than 17,500 professionals across 26 countries.
Group head of wholesale banking at Emirates NBD, Ahmed Al Qassim, said: “Through our strategic partnership with Malabar Gold and Diamonds, we are proud to have engineered and delivered an advanced payment solution, powered by Emirates NBD API Banking.
“The bespoke solution showcases our ability to transform traditional business models through the seamless integration of technology and finance. Our APIs are enabling convenient processing of payments across jurisdictions, empowering organisations to digitalise and expedite their B2B payments and transactions, while accessing real-time cash visibility and optimised working capital. As we guide our clients through the evolving business landscape, we remain committed to driving innovation and delivering tailored solutions that optimise efficiency, enhance financial visibility and empower their growth aspirations.”
