Mastercard and First Abu Dhabi Bank (FAB), the largest bank in the UAE, have announced an exclusive long-term global partnership, building on their long-standing collaboration, in Eastern Europe, Middle East, and Africa (EEMEA) region. Industry sources added that this landmark deal spans four markets – the UAE, Saudi Arabia, Oman, and Egypt – and will overview the market leaders to join forces to further boost the region’s digital payments ecosystem.
Industry sources added that this large-scale partnership will also permit the FAB to power accelerated growth and innovation in the UAE and scale expansion plans in international markets. The partnership will deliver unique and disruptive products, services, and solutions that are customized for the bank’s priority consumer, SME, and commercial segments, offering them more choice, flexibility, and benefits.
Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB stated “FAB and Mastercard share a commitment to spearheading excellence while keeping our customers at the heart of everything we do. We are delighted to deepen our partnership as we consolidate our portfolios, harnessing Mastercard’s innovative product capabilities, differentiated service offerings, and unique partnership approach. We are excited to usher in this new era to accelerate our growth and advance digital transformation across the region.”
Khalid Elgibali, Division President, Middle East and North Africa, Mastercard stated “At Mastercard, we are working side by side with leading ecosystem players to power economies, boost financial inclusion and build a sustainable, connected world where everyone can thrive. Our global collaboration with FAB represents a significant milestone on our shared journey of innovation and growth. We thank the bank for their partnership and look forward to leveraging our complementary strengths to drive disruption and redefine the payments landscape together.”
Industry sources added that the partners will thereby harness the latest frontier technologies like Artificial Intelligence (AI) to boost the client experience and drive efficiency, harnessing Mastercard’s global expertise and the power of Mastercard’s Global Center for Advanced AI and Cyber Technology, which is based in the UAE.
With shared value creation at the heart of the partnership, Mastercard and FAB will develop initiatives and strategic programs as one unified team. The strategic partnership unlocks new ways of working that will enable closer day-to-day collaboration and a shared focus on long-term strategic growth.
Mastercard and FAB have enjoyed a long-standing productive collaboration that has brought to life a series of world- and market-first differentiators spanning various segments, including the region’s affluent customers. Most recently, the two partners launched the SlicePay Buy-Now-Pay-Later (BNPL) card under FAB’s Dubai First trademark.
FAB has also joined Mastercard’s Priceless Planet Coalition, a global initiative that unifies corporate efforts to restore 100 million trees to contribute to the fight against climate change.
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