Dubai: Deem, a digitally-led financial services provider, has engaged Network International, the leading enabler of digital commerce across the Middle East and Africa, to enable Deem to issue credit cards and offer loan-based services to existing and potential customers in the UAE.
Deem has come to market with a brand new product set which includes cutting-edge digital services and cardholder communications tools.
This collaboration builds on Network’s significant experience in providing end-to-end card and installment plan lending solutions to financial institutions in the region. Leveraging Network’s established payment infrastructure and its value-added revenue generating and risk management services frees Deem from managing the mechanics of card processing. This allows Deem to focus on differentiating itself as a leading digital player in the lending market, without operational card management overheads.
“The key drivers that influenced the choice of Network as Deem’s processing partner were the advanced API interfaces that Network offers its customers, its online/real-time card processing service, and a very short timeframe needed to launch the first set of six new Deem Credit Cards into the market. These cards provide the customer with true value and put them in control of their spending and earnings,” said Alex Kim, CTO, Deem Finance. “We set some very challenging targets when it came to product delivery within 2019, and Network was able to meet them. Our new products are live, and we will be completing all our set up and data migration activities shortly.”
Deem is backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises LLC and provides financial support to individuals through credit cards, loans, and corporate deposits. The company has loans and advances of over AED 1 billion in addition to deposits, and its offering is powered by a user-friendly digital platform, geared towards the customer experience.
Network International provides payment solutions to over 220 financial institutions in the MEA region. The company’s end-to-end card solution for Deem includes high-quality value-added services such as 3D Secure, Easy Payment Plans (EPP) at points of sale, Card Control and loyalty services. Network will also offer Deem the capability to issue cards immediately in digital format for Google Pay and Apple Pay, thus supporting Deem’s objective of becoming a leading digital player.
Samer Soliman, Managing Director - Middle East, Network International, said: “Network is a trusted local processing partner in the region, and we are delighted that Deem has recognised this when it came to selecting an outsourced service provider with the capability to really help them grow their business. The UAE is among the fastest-growing digital payments markets in the world and we remain committed to delivering innovative and secure payment products and services to support clients such as Deem as they create a very specific role for themselves within the domestic and regional payment ecosystems.”
About Network International
Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.
Network International Holdings Plc is the holding company for Network International and the group companies.
Tel: +971 4 450 7600
Deem is a digitally-led financial services provider headquartered in Abu Dhabi, United Arab Emirates. The financial service provider is a strategic partnership between Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises LLC. The company provides a wide range of financing solutions including loans, credit cards, as well as corporate deposits. Deem’s user-friendly digital platform stands out in an ultra-competitive marketplace because it delivers information to its customers responsibly, transparently and in an easy-to-understand language.© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.