Tuum has been selected by Uptex Bank to power e-banking expansion for customers in the regions of the Middle East and Africa.
Following this announcement, the partnership represents an important step in Tuum’s strategy to support and accelerate the development of financial institutions in fast-growing, regulated markets.
In addition, after the recent acquisition of its e-banking license, OBD is launching Uptex Bank, a suite of digital wallet and payment services that was designed in order to unify its growing financial ecosystem. This includes Uptex Broker, a forex and CFD broker in MEA, and Rizzbees, its EU-licensed Crypto Exchange Platform. This new proposition is expected to run on Tuum’s modular, cloud-native core, which was deployed via AWS in the region of Europe and purpose-built for scalability, compliance, and rapid go-to-market.
More information on the Tuum x Uptex Bank partnership
According to the official press release, Tuum’s API-first infrastructure will give Uptex Bank the possibility to securely integrate its new e-banking services with its existing brokerage and crypto exchange, which will enable a unified, interoperable financial environment across its brands. At the same time, the solution is fully aligned with Oman’s regulatory framework, including requirements from the Central Bank of Oman and the Capital Market Authority.
In addition, Tuum’s technology will also enable OBD to support digital wallets and multi-currency payments (such as USD, EUR, GBP, AED, OMR, SAR) from day one. By leveraging Tuum’s flexible, API-first platform, the financial institution will develop a banking experience that’s modern, optimised, and built to meet the needs, preferences, and demands of clients and users in an ever-evolving market.
Alongside the core platform, Tuum also worked closely with Uptex Bank to bring together the right ecosystem partners for the initiative, aiming to ensure that each of them remains aligned with Uptex Bank’s specific use cases and business model.
