First Abu Dhabi Bank, the largest bank in the UAE, has agreed a long-term global deal with Mastercard. It says the aim of the collaboration is to redefine the region’s payments landscape.
The new deal spans four markets: the UAE, Saudi Arabia, Oman, and Egypt.
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FAB says that the deal will drive accelerated growth and innovation in the UAE and scale expansion plans in international markets. Furthermore, the aim is to deliver unique and disruptive products, services and solutions that are customised for the bank’s priority consumer, SME and commercial segments. The ultimate aim is to offer customers more choice, flexibility and benefits.
AI to drive efficiency, revolutionise customer experience
The partners will harness new technologies such as Artificial Intelligence to revolutionise the customer experience and drive efficiency. FAB said that it will harness Mastercard’s global expertise and the power of Mastercard’s Global Center for Advanced AI and Cyber Technology, based in the UAE.
In addition, Mastercard and FAB will develop initiatives and strategic programmes as one unified team. This includes new ways of working to enable closer day-to-day collaboration with a shared focus on long-term strategic growth.
“FAB and Mastercard share a commitment to spearheading excellence while keeping our customers at the heart of everything we do. We are delighted to deepen our partnership as we consolidate our portfolios, harnessing Mastercard’s innovative product capabilities, differentiated service offerings and unique partnership approach. We are excited to usher in this new era to accelerate our growth and advance digital transformation across the region,” said Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB.
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By GlobalDataKhalid Elgibali, Division President, Middle East and North Africa, Mastercard, added: “At Mastercard, we are working side by side with leading ecosystem players to power economies, boost financial inclusion and build a sustainable, connected world where everyone can thrive. Our global collaboration with FAB represents a significant milestone on our shared journey of innovation and growth.”
FAB and Mastercard: long-standing constructive partnership
Mastercard and FAB have enjoyed a long-standing productive collaboration. This has brought to life a series of world- and market-first differentiators spanning various segments, including the region’s affluent customers. Most recently, the two partners launched the SlicePay Buy-Now-Pay-Later (BNPL) card under FAB’s Dubai First trademark.
FAB has also joined Mastercard’s Priceless Planet Coalition. The global initiative unifies corporate efforts to restore 100 million trees to help the fight against climate change.
