Commercial Bank of Dubai (CBD), one of the leading banks in UAE and Infinios Financial Services, Bahrain-based fintech firm, have formed a strategic partnership to support the UAE’s developing fintech ecosystem.
Infinios, a licensed and regulated card processor and payment services provider that specializes in next-generation digital banking, will help CBD achieve its financial inclusion goals by enabling fintech and digital commerce businesses and pushing the adoption of embedded financial services in the UAE.
The partnership, which aligns with CBD’s focus on innovation and commitment to providing innovative digital financial services to the UAE market, will enable Infinios to expand its regionally unique banking-as-a-service solution (BaaS) to include domestic payment services in the UAE.
Infinios’ BaaS offering integrates the company’s Infinite Financial Solutions technology platform with its regulatory licenses and payment network relationships, as well as regulated financial services provided by its network of banking partners in the Middle East and North Africa (MENA), the European Union, the UK, and the US.
It provides access to comprehensive digital banking and payments technologies through easy-to-integrate APIs, that enable its customers to build feature-rich financial services experiences and then scale their products internationally.
Amit Malhotra GM-Personal Banking Group CBD
“The collaboration with Infinios is in line with our commitment to support the growing fintech ecosystem in the UAE and enhance the overall digital business environment. Over the past few years, there has been a huge increase in the number of fintechs due to the global COVID pandemic and we see a clear opportunity to support and help them grow and scale up their businesses. This initiative further complements our ‘default digital’ strategy by offering our digital services to a new segment to match the rapid evolution of the market.”
Commenting on the partnership Mr. Andrew Sims, CEO, Infinios said that the digital banking, issuing, and acquiring processing technologies of Infinios combined with the strength and market presence of CBD will enable it to plug a gap and provide a rapid route to market in the UAE for the numerous fintech and digital commerce companies being incubated regionally.
