Emirates NBD, the banking group for the Middle East, North Africa and Turkey (MENAT), is joining forces with Pine Labs, a merchant commerce omnichannel platform, to provide the latest payment solutions to companies across the region.
Emirates NBD will leverage the Pine Labs Credit+ platform, to deliver cutting-edge merchant-acquiring processing solutions for its corporate and institutional clients, initially in the UAE and then across the Kingdom of Saudi Arabia and Egypt.
It hopes the expanded suite of solutions will empower its clients to improve their digital payment system for online and in-store payments alike.
The Fintech Times also recently sat down with Sumit Mittal, EVP and MD, MEA at Pine Labs, who discussed the partnership: “We acquired the Credit+ platform from Mastercard and repurposed it for Emirates NBD. With this, we will provide acquiring solutions for them – both in-store, as well as online. We will run their point-of-sale, payment gateway and run all their payment processing.”
Mittal also explained how the partnership is enabling Pine Labs to expand its global influence. “This is not only for the UAE alone, but, with Emirates NBD, we plan to expand into two new markets: Saudi Arabia later this year, and Egypt next year.
“We are already present in Malaysia, Singapore, and Indonesia. From here, we have plans to further expand our influence across the entirety of the Middle East and Africa.”
Enhancing payment solutions for corporate clients
Ahmed Al Qassim, group head of wholesale banking at Emirates NBD, also explained: “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.
“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 digitising world and remain committed to supporting businesses on this journey.”
Pine Labs’ 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 make Pine Labs an omnichannel platform for banks, merchants, and enterprise customers.
Emirates NBD currently boasts a presence in 13 countries, serving over nine million active customers.
