Through their partnership, Emirates NBD, which currently operates in the Middle East, North Africa, and Turkey, and Pine Labs, a merchant commerce omnichannel platform, intend to deliver enhanced merchant acquiring processing solutions for the former’s corporate and institutional clients. Initially, the two companies aim to offer their services in the UAE, with plans to expand to the Kingdom of Saudi Arabia and Egypt in the upcoming period.
What are Emirates NBD and Pine Labs’ plans?
By expanding its suite of solutions with Pine Labs’ support, Emirates NBD focuses on enabling its clients to improve their digital payment system for both online and in-store payments. According to Emirates NBD’s officials, considering its position in the banking industry in the region, the bank is committed to prioritising the evolving needs of its customers. The partnership with Pine Labs is set to improve its merchant acquiring services, offering corporate and institutional clients technology and payment solutions. In addition, by expanding its product suite, Emirates NBD aims to ensure that it continuously provides a comprehensive array of options that meet the payment requirements of its clients. Also, the bank underlined its allegiance to enabling its clients in a rapidly digitising landscape and supporting businesses in their development journeys.
Furthermore, representatives from Pine Labs stated that, through their company’s collaboration with Emirates NBD, they can provide end-to-end solutions for in-store and online merchant acquisition. Pine Labs’ Credit+ solutions offer banks an API-first full-stack tech integration that focuses on improving their credit offerings. Additionally, the Acquiring Processing platform was developed for scale, with it currently available in more than 20 countries. Pine Lab’s capabilities in stored-value solutions, in-store payment solutions, knowledge of online payment gateway services, and ability to create fintech infrastructures allow the company to become a partner to banks, merchants, and enterprise customers.
Previous news from Emirates NBD
Operating across 13 countries and serving nearly 9 million active customers, including individuals, businesses, governments, and institutions, Emirates NBD focuses on supporting them in realising their financial objectives via a range of banking products and services. These include retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.
Shortly before the current announcement, Nium
partnered with Emirates NBD to offer customers a global payment solution. The collaboration was set to improve the remittance experience via simplified, instantaneous cross-border transfers between the UAE and countries globally. Emirates NBD selected Nium as its partner due to its global network, comprehensive capabilities, and advanced functionalities of its platform, APIs, and tech stack.
