The partnership will accelerate digital banking transformation in the UAE and KSA, with Raqmiyat serving as a regional business partner and authorised reseller of Codebase Technologies’ solutions.
By leveraging the collaboration with Codebase Technologies, Raqmiyat will provide digital banking services to banks, fintechs, and other corporates that take advantage of Codebase Technologies’ Digibanc platform to meet the evolving needs of the market and customers.
In turn, customers will gain access to an extensive range of banking and payment products tailored to their lifestyles. The solutions encompass a comprehensive technology stack for NeoBanks, challenger banks, Islamic banks, and micro finance banks including next generation omnichannel banking solutions, core banking, Open Banking, smart rules, BNPL, omni channel orchestration engine, social pay, super app, and more.
Raqmiyat’s officials stated that the Future of BFSI is managing, aggregating, and utilising customer data to augment them based on their needs with intuitive service experiences no matter how they bank. This partnership enables the company to leverage a proven technology stack in achieving its customer’s current and future needs for scalability and agility.
The above-mentioned partnership comes shortly after the The Central Bank of the UAE issued new guidelines meant to assist licensed financial institutions (LFIs) in combating money laundering and terrorism financing.
The guidelines require LFIs to conduct regular risk assessments in order to cover all the payment products, services, relationships and exposure to domestic and foreign payment sector participants.
Another relevant guideline to be taken into account by financial institutions (FIs) is conducting due diligence on customers, monitoring all transactions processed or conducted through the LFIs and reporting suspicious transactions to the UAE’s Financial Intelligence Unit.
Furthermore, FIs are mandated to have a sanctions compliance programme with systems that screen transactions and transmit required information throughout the payment cycle.
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