Commercial Bank of Dubai (CBD) and Bahrain-based fintech Infinios Financial Services B.S.C.(c) (Infinios) today announced a strategic partnership to support the growing fintech ecosystem in United Arab Emirates. Under the partnership, CBD, one of the leading banks in the UAE, will join hands with Infinios, a licensed and regulated card processor and payment services provider that offers next-generation digital banking and payment technology solutions, to enable fintech and digital commerce businesses and drive the take-up of embedded financial services in the UAE to achieve the financial inclusion objectives of the UAE.
The partnership, which aligns with CBD’s focus on innovation and commitment to provide innovative digital financial services to the UAE market, will enable Infinios to expand its regionally unique banking-as-a-service solution (BaaS) to include domestic payment services in the UAE. Infinios’ BaaS offering couples the company’s Infinite Financial Solutions technology platform with its own regulatory licenses and payment network relationships, and with regulated financial services provided by its network of banking partners in MENA, European Union, United Kingdom and United States of America. It provides access to comprehensive digital banking and payments technologies via simple to integrate APIs that enable its customers to build feature rich customer financial services experiences and then scale their products internationally.
Andrew Sims, CEO, Infinios said “We are delighted to be working with CBD under a long-term enablement partnership that will enhance Infinios’ overall embedded financial services proposition to its customers and distribution partners. Our digital banking, issuing and acquiring processing technologies, combined with the strength and market presence of CBD will enable us to plug a gap and provide a rapid route to market in the UAE for the numerous FinTech and Digital Commerce companies being incubated regionally.”
Amit Malhotra, General Manager – Personal Banking Group, CBD, added “The collaboration with Infinios is in line with our commitment to support the growing fintech ecosystem in the UAE and enhance the overall digital business environment. Over the past few years, there has been a huge increase in the number of FinTechs which has spiked even more in the past year due to the global Covid pandemic and we see a clear opportunity to provide FinTechs with adequate support and digital financing solutions to help them grow and scale up their businesses. This initiative further complements our ‘default digital’ strategy by offering our digital services to a new segment to match the rapid evolution of the market”.
CBD and Infinios expect to make further announcements related to the first products to be launched under the partnership in the near future.