Mashreq and i2c Partner to Aid FinTech Payments in UAE

Mashreq and i2c have partnered to offer digital payment solutions in the United Arab Emirates (UAE).

With this collaboration, Mashreq, a leading financial institution in the region, will leverage i2c’s software-as-a-service (SaaS) payment and banking solutions to provide new products to consumers, merchants and FinTechs, the companies said in a Tuesday (March 7) press release.

“UAE has seen significant growth and opportunity within the FinTech space, making the country a key FinTech hub,” Mashreq Head of Payments Kartik Taneja said in the release. “As we continue to focus on driving growth and innovation in the region, our partnership with i2c will enable us to support the FinTech ecosystem with speed and agility.”

The UAE has been growing its role as a regional FinTech hub.

As PYMNTS reported in July 2022, the UAE is home to two booming international financial centers — Abu Dhabi and Dubai — and is the third-largest economy in the Arab League.

As is the case elsewhere, digital transformation in the UAE and the broader Middle East and North Africa (MENA) region isn’t only a game for startups. Traditional banks and payments networks also have a role to play.

On the consumer side, PYMNTS research has found that the UAE tops the 2023 Global Digital Shopping Index, which is produced in collaboration with Cybersource and gauges the deployment of 34 digital capabilities merchants can offer consumers.

For the second consecutive year, the UAE scored highest among the countries included in the report, topping the United States, the United Kingdom, Brazil, Mexico and India in terms of having consumers experience the least amount of friction when shopping and paying for grocery and retail products.

With the new partnership, Mashreq and i2c aim to support FinTech companies in the UAE with new capabilities they can add in a plug-and-play fashion, according to the press release.

“We are excited to partner with Mashreq to enable digital payments innovation in the UAE,” i2c General Manager of CEMEA Amir Yazdanpanah said in the release. “Our scalable and agile platform, combined with their expertise, will enable the delivery of cutting-edge payment solutions to consumers and businesses in the region.”