RAKBANK, Mastercard partner to boost e-commerce growth for UAE SMEs

The partnership allows the lender’s SME customers to create an online store, accept online payments as well as manage invoices and prevent fraud through RAKBANK’s SME payment solution.

RAKBANK. Image used for illustrative purpose.

RAKBANK. Image used for illustrative purpose.

RAKBANK / Handout via Zawya

The National Bank of Ras Al Khaimah (RAKBANK) as partnered with Mastercard to enhance online payments for SMEs, in a bid to drive e-commerce growth for SMEs as well as impacting on small businesses’ long-term sustainability through technological innovation.

The technology will enable merchants to reach more consumers, including those from international markets as well as promote products via social media.

Frederic de Melker, the Managing Director of Personal Banking at RAKBANK, said that the Simplify Commerce tool provides the bank’s customers the digital support required to run an effective business in today’s digitally driven world.

According to the UAE SME Council, the sector is expected to contribute over 50 per cent to the country’s GDP in 2019.

“The Simplify Commerce tool is a seamless and innovative tool that will drive SME growth, and further transition the UAE towards transforming into a cashless society,” says Girish Nanda, Mastercard’s Country Manager – UAE & Oman.

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