Mashreq and i2c partner to help FinTechs in the UAE

Mashreq and i2c has partnered to offer digital payment solutions in the United Arab Emirates (UAE).

With this collaboration, Mashreq, a leading financial institution in the region, will leverage i2c’s software-as-a-service (SaaS) payment and banking solutions to offer new products to consumers, merchants and FinTechs, the companies said on Tuesday (March). 7) press release.

“The UAE has seen significant growth and opportunities within the FinTech space, making the country a key FinTech hub,” Mashreq’s head of payments Kartik Taneja said in the release. “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.”

The UAE has increased its role as a regional FinTech hub.

As PYMNTS reported in July 2022, the UAE is home to two thriving international financial centers – Abu Dhabi and Dubai – and is the third largest economy in the Arab League.

As is the case elsewhere, digital transformation in the UAE and the wider Middle East and North Africa (MENA) region is not just a game for startups. Traditional banks and payment networks also have a role to play.

On the consumer side, PYMNTS surveys have found the UAE tops 2023 Global Digital Shopping Indexwhich is produced in collaboration with Cybersource and measures the deployment of 34 digital opportunities sellers can offer consumers.

For the second consecutive year, the United Arab Emirates scored highest among the countries included in the report, topping the US, UK, Brazil, Mexico and India in allowing consumers to experience the least friction when shopping and paying for grocery and retail products.

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 manner, according to the press release.

“We are delighted to partner with Mashreq to enable digital payment innovation in the UAE,” i2c General Manager for CEMEA Amir Yazdanpanah said in the release. “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.”