Ajman Bank signs strategic partnership with KMMRCE Pay

Ajman Bank, one of the Shariah-compliant banks in the UAE, has signed a strategic agreement with the payments-as-a-service (PaaS) enabler KMMRCE Pay.

The partnership equips Ajman Bank with the technology to accelerate its digital transformation and enrich its client offering by adding new payment services.

The collaboration will also allow KMMRCE Pay to operate across the UAE, supported by Ajman Bank’s compliance and regulatory frameworks.

Mohamed Amiri, chief executive officer at Ajman Bank, said: “We are continuously innovating and developing new capabilities to meet our customers’ expectations and requirements. Our partnership with KMMRCE will enable us to leverage our current technology to accelerate the delivery of better payment solutions in an ever-evolving market. It is another significant step in enhancing our payment services with simple, secure, fast and reliable solutions for a seamless customer experience.”

Meanwhile, KMMRCE Pay can also enable other financial institutions and fintechs with a full suite of digital solutions via its single turnkey PaaS tech stack, incorporating issuing, acquiring and direct-to-scheme processing. The capabilities they provide include point of sale and e-commerce acquiring services, among others.

Justin Henry, executive director at KMMRCE Pay, added: “Working closely together with Ajman Bank, we can now offer a one-stop-shop to digitally onboard and propel fintech payment companies launching a financial programme in the UAE. This is a critical moment, as we demonstrate the impact of KMMRCE Pay’s unique single-contract, single-API approach bringing everything together under one comprehensive payments’ ecosystem.”

Read: Why ecosystem-as-a-service is the next frontier in finance