As per the official announcement, the deal spans four markets – the UAE, Saudi Arabia, Oman, and Egypt – and will see them join forces to further fuel the region’s digital payments ecosystem.
This collaboration is expected to enable First Abu Dhabi Bank to drive accelerated growth and innovation in the UAE and scale expansion plans in international markets. Furthermore, the partnership seeks to deliver products, services, and solutions that are customised for the bank’s priority consumer, SME, and commercial segments, offering them more choice, flexibility, and benefits.
The press release continues to state that the partners will harness new frontier technologies such as AI to reshape the customer experience and drive efficiency, harnessing Mastercard’s global expertise and the power of Mastercard’s Global Center for Advanced AI and Cyber Technology, which is based in the UAE.
Background
Mastercard and FAB have had a long-standing collaboration that has brought to life a series of world- and market-first differentiators spanning various segments, including the region’s 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, a global initiative that unifies corporate efforts to restore 100 million trees with the aim of contributing to the fight against climate change.
In January 2024, UAE-based Dubai First, a consumer services platform under First Abu Dhabi Bank (FAB),
partnered with Mastercard to leverage Mastercard Token Connect in the region. This alliance was set to push customers’ tokenised card details from its mobile app to Click to Pay and digital wallets. Moreover, the collaboration with Mastercard aims to help merchants and increase consumer adoption by enabling Dubai First cardholders to benefit from Click to Pay services at checkout.
