Pine Labs enters UAE to enable best-in-class fintech platform for banks and merchants

• Opens new office at Emaar Business Park in Dubai

Dubai, UAE – Pine Labs, a leading omnichannel platform for merchants, announced today that it has entered the United Arab Emirates (UAE) market. Pine Labs will work with local banks and financial institutions in the region to help them better serve their trading partners.

Banks in the UAE will benefit from a simple and user-friendly technology stack that Pine Labs provides to build innovative products into consumer journeys. Pine Labs has existing partnerships with major banks in India and Southeast Asia and has enabled world-class payment infrastructure for the customers of these banks. Local incumbent banks in the UAE will get seamless technology integrations that Pine Labs is known for delivering at speed and scale. Such partnerships are expected to ensure product delivery for these banks and help them introduce quality fintech products to meet the growing needs of their customers.

Commenting on the announcement, Kush Mehra, Chief Business Officer, Pine Labs, said, “Delighted to be here with our team in the UAE and kick off what I believe will be a promising new market for us. Our smart point of sale technology stack has been built for scalability and efficiency and is used by major banks in India and Southeast Asia. We believe UAE banks are keen to deliver value to their trading partners and are looking for smarter technology integrations that end up elevating the experience for their customers. We look forward to work closely with banks and brands in the region and deliver the best technology results for them.”

A new Pine Labs office in Emaar Business Park, Sheikh Zayed Road, Dubai was also inaugurated by Pine Labs’ senior management. Pine Labs has also announced its partnership with Kalyan Jewelers which has a significant presence across the UAE and is a well-known brand among India’s expat community in the region.

“Kalyan Jewelers Group is delighted to engage with leading fintech company Pine Labs in India and UAE to leverage their payment solutions expertise to enhance the customer experience in showrooms. We congratulate the Pine Labs team on the inauguration of their new office in Dubai and see looking forward to expanding and deepening our engagement levels,” said Ramesh Kalyanaraman, Managing Director, Kalyan Jewellers.

By 2021, the share of cash payments in total transactions fell from 69 percent to 20 percent in the UAE. With consumer preferences shifting to digital payment methods, banks in the UAE are experiencing revenue growth amid the ongoing wave of digital transformation.