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May 15, 2024
Standing (Left to Right): Ahmed Al Qassim - Group Head of Wholesale Banking at Emirates NBD, Sumit Mittal - EVP & MD - MEA at Pine Labs.
Sitting (Left to Right): Anith Daniel - Group Head of Transaction Banking Services at Emirates NBD, Kush Mehra - President and CBO at Pine Labs.
Dubai, UAE - May 15, 2024 - Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey (MENAT) region, has partnered with Pine Labs, a prominent merchant commerce omnichannel platform, to ensure that companies across the region have access to the latest, and best, payment solutions.
As part of its growth plans, Emirates NBD is expanding its offering by leveraging Pine Labs' Credit+ platform to deliver cutting-edge merchant acquiring processing solutions for its corporate and institutional clients, initially in the UAE then across the Kingdom of Saudi Arabia and Egypt.
The expanded suite of solutions will empower the bank’s clients to improve their digital payment system for both online and instore payments.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “As a leading bank in the region and a key driver of digitalization in the banking industry, aligning our strategic priorities with our customers' evolving needs is a core priority for us. Our partnership with Pine Labs will enhance our merchant acquiring services, providing our corporate and institutional clients with cutting-edge technology and innovative payment solutions.”
He added, “This expansion ensures we continuously offer a comprehensive array of value-added options for their payment needs. We are dedicated to empowering our clients in a rapidly digitizing world and remain committed to supporting businesses on this journey."
“We are excited to partner with Emirates NBD, Dubai’s largest bank, and deliver to them a robust end-to-end solution for in-store and online merchant acquiring. Credit+ is the go-to solution for modern banks looking for a top quality, API-first full stack tech integration to enhance their credit offerings. This Acquiring Processing platform, Credit+ is built for scale and is already live in more than 20 countries,” said B Amrish Rau, CEO, Pine Labs.
Pine Labs’ partnership with Emirates NBD reflects its extensive experience of working with leading banks and brands. The company’s end-to-end capabilities in stored-value solutions, in-store payment solutions, expertise in online payment gateway solutions and ability to set up robust fintech infrastructures makes Pine Labs a formidable partner and a truly omnichannel platform for banks, merchants, and enterprise customers.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2024, total assets were AED 902 billion, (equivalent to approx. USD 246 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 858 branches and 4,450 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Pine Labs is a leading merchant commerce omnichannel platform operating across India, Middle East, and Southeast Asia. Pine Labs' tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. Our Issuing business is powered by Qwikcilver - Qwikcilver offers a cutting-edge, full-stack, end-to-end technology service solution in the Pre-paid Transaction Management, Gift Cards, and Sales/ Distribution Space, with a strong presence in multiple countries and live service engagements with leading brands and major customers from the Retail, Hospitality and Airline Industries, across the following geographical regions; South Asia - India, South East Asia and the Far East - Singapore, Malaysia, Indonesia, Philippines, Middle East and Africa - Dubai, Abu Dhabi, South Africa, Europe - Luxembourg and Czech Republic, Australia, New Zealand and Hawaii in the United States of America, at the present moment. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.To know more, please visit www.pinelabs.ae.