Areeba has teamed up with Commercial Bank International (CBI) to become the first UAE lender to offer comprehensive card and payment solutions to fintechs across the country.
The partnership aims to empower UAE-based fintechs with scalable, secure card management capabilities, and accelerate the growth of the country’s digital payment ecosystem, according to a press release.
CBI will leverage areeba’s advanced payment platform to provide fintechs with an efficient, seamless solution for launching and managing digital payment products.
The agreement comes amid the UAE’s fast-evolving fintech landscape, with assets under management (AUM) in the sector projected to reach $5.70 billion by 2029.
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Ali Sultan Rakkad Al Amri, CEO of CBI, said: “This agreement aligns with CBI’s vision to foster innovation in the financial industry and further support fintechs with the tools they need to succeed in a rapidly evolving financial ecosystem.”
Maher Mikati, CEO of areeba, stated: “By providing scalable and modular payment infrastructure, areeba empowers its customers to accelerate the launch of their card programs and tailor products according to their specific needs.”
CBI recently disclosed its financial results recorded in the third quarter (Q3) of 2024, posting net operating income valued at AED 278.50 million.
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