Deem Finance partners with Network International to issue new credit cards

This partnership strengthens Network’s vast experience in providing end-to-end payments solutions to above 220 financial institutions in the Middle East and Africa (MEA) region, according to a statement on Wednesday.

“Leveraging Network’s established payment infrastructure and its value-added revenue generating and risk management services [will allow Deem] to focus on differentiating itself as a leading digital player in the lending market, without operational card management overheads.”

Loans and advances extended by Deem, backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises LLC, amounted to more than AED 1 billion.

“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,” chief technology officer (CTO) at Deem Finance, Alex Kim, pointed out.

The statement showed that “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,” along with the option to issue cards immediately in digital format for Google Pay and Apple Pay.