Dubai-UAE: The fragmentation of the UAE payments landscape can be reduced through greater coordination between banks, regulatory authorities and industry sectors, according to a new white paper by Noor Bank, one of the leading Shari’ah-compliant banks in the UAE, prepared in collaboration with business intelligence service provider MEED.
Titled ‘UAE’s Prepaid Cards & Digital Payments Eco-system’, the report offers a unique perspective on the current payments landscape, highlighting the resilience of cash in the market as well as the growth of non-cash payments. Moreover, the study examines the impact of digital tools on financial services and stresses the importance of innovation and financial inclusion.
John Iossifidis, CEO of Noor Bank, said: “UAE’s push towards a smart government and digital economy through innovation and leading technologies has converged with the huge transformation the financial services industry is going through. At Noor Bank, we are very cognisant of these developments and have made digital transformation integral to our strategy of delivering outstanding customer experience. In the payments space, we have redefined our business model to be agile through partnerships with FinTech players. This has enabled us to differentiate and significantly enhance the value proposition for our clients.”
The white paper features insights from industry experts, including Ehsaan Ahmed, Head of Global Transaction Services at Noor Bank, Patrick Ngan, CEO and Co-founder of QFPay International, Claire Ingram Bogusz, Research Fellow at House of Innovation at the Stockholm School of Economics, and Umair Hameed, Partner – Financial Services at KPMG Lower Gulf. The contributors highlighted the factors that can boost the adoption of digital payments in the UAE while also sharing their views on the benefits and challenges of diversifying the payments ecosystem and the importance of enhancing interoperability between payment platforms.
Ehsaan Ahmed said: “The UAE market is evolving from cash to cashless, and Noor Bank is at the forefront supporting this transition through various initiatives on pre-paid card programs, e-commerce acquiring and digital wallets by leveraging strategic tie-ups across the value chain.”
About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as an Islamic financial institution. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Internal Shari’ah Supervision Committee, with extensive experience and expertise in Islamic legal, financial and banking matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
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Leah Majorie Banda
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