Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has signed a strategic agreement with the PaaS enabler KMMRCE Pay. The partnership equips Ajman Bank with the technology to accelerate its digital transformation and enrich its client offering by adding new payment services. The collaboration will also allow KMMRCE Pay to operate across the UAE, supported by Ajman Bank’s compliance and regulatory frameworks.
Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are continuously innovating and developing new capabilities to meet our customers’ expectations and requirements. Our partnership with KMMRCE will enable us to leverage our current technology to accelerate the delivery of better payment solutions in an ever-evolving market. It is another significant step in enhancing our payment services with simple, secure, fast and reliable solutions for a seamless customer experience.”
In addition to empowering Ajman Bank, KMMRCE Pay can enable other financial institutions and FinTechs with a full suite of digital solutions via its single turnkey PaaS tech stack, incorporating issuing, acquiring, and direct-to-scheme processing. The capabilities they provide include POS and e-commerce acquiring services, enhanced issuing, API-based solutions, instant issuing kiosks, and access to cutting-edge technologies.
By reinforcing itself as a full-service provider, Ajman Bank is in a position to expand its account base through FinTech clients and increase its influence in a highly competitive market.
Justin Henry, Executive Director, KMMRCE Pay, added: “The strategic partnership represents a powerful collaboration between a tier one bank and an innovative PaaS enabler driving change for the industry as a whole. Working closely together with Ajman Bank, we can now offer a one-stop-shop to digitally onboard and propel FinTech payment companies launching a financial program in the UAE. This is a critical moment, as we demonstrate the impact of KMMRCE Pay’s unique single-contract, single-API approach bringing everything together under one comprehensive payments’ ecosystem.”