- Partnership seeks to enhance cross-border payments from the
UAE to the rest of the world
- Emirates NBD to offer a seamless, instantaneous,
cost-effective remittance experience to customers
DUBAI, UAE, May 7, 2024 /PRNewswire/ -- Nium, the global
leader in real-time cross-border payments, today announced a
partnership with Emirates NBD, a leading banking group in the MENAT
(Middle East, North Africa and Türkiye) region, to empower
customers with a cutting-edge global payments solution that will
redefine the financial services landscape in the Middle East and beyond.
The partnership, subject to regulatory approvals, seeks to
elevate the remittance experience with seamless, instantaneous
cross-border transfers between the UAE and countries worldwide.
Remittances from the UAE have been driven by a growing expatriate
population and cross-border trade. By leveraging Nium's payouts
services, Emirates NBD offers customers real-time, cost-effective
payment solutions with speed and unparalleled reliability.
Emirates NBD selected Nium as a partner, citing the depth of
Nium's global network, comprehensive capabilities worldwide, and
the advanced functionality of its platform, APIs and tech stack as
decisive factors.
"Nium is focused on achieving ubiquitous reach of our global
payments infrastructure," said Prajit
Nanu, Founder and CEO at Nium. "The Middle East is a key market for us, and we
have been doubling down on expansion in the region. Our partnership
with Emirates NBD extends our presence into the heart of the
Middle East with one of the most
trusted names in the region. As a cornerstone of the global digital
banking industry, Emirates NBD stands at the intersection of
trillions of dollars of money movement and through this partnership
Nium looks forward to moving more money in real-time across the
region and beyond on our global infrastructure."
Marwan Hadi, Group Head,
Retail Banking and Wealth Management at Emirates
NBD, said: "As a leading national banking group, Emirates
NBD has played an active role in introducing innovation in all our
banking solutions. The partnership with Nium, a global leader in
real-time, cross-border payments, will facilitate seamless, global
transactions for our customers. This collaboration is a testament
to the bank's commitment to embracing cutting-edge technologies and
pushing boundaries to deliver excellence."
Nium recently launched a white paper titled "Payments in the
Middle East: The next frontier."
With trillions of dollars flowing through the region each year, and
more expected as real-time payment adoption accelerates further,
the result is a region that is primed for success and growth. The
paper explores how this state of play came to be, the opportunities
it presents, and what needs to be done for businesses of all
stripes to utilize this new landscape.
The paper calls out a Deloitte report on the Middle East's fintech industry that stated,
"The way forward for the Middle East Fintech ecosystem to reach its
full potential goes through regulatory harmonisation and
development of strategic partnership between banks and fintechs."
This partnership between Nium and Emirates NDB is just that – an
alliance to help further the region's innovation.
About Nium
Nium, the leader in real-time, cross-border payments, was
founded on the mission to deliver the global payments
infrastructure of tomorrow, today. With the onset of the global
economy, its payments infrastructure is shaping how banks,
fintechs, and businesses everywhere collect, convert, and disburse
funds instantly across borders. Its payout network supports 100
currencies and spans 190+ countries, 100 of which in real-time.
Funds can be disbursed to accounts, wallets, and cards and
collected locally in 35 markets. Nium's growing card issuance
business is already available in 34 countries. Nium holds
regulatory licenses and authorizations in more than 40 countries,
enabling seamless onboarding, rapid integration, and compliance –
independent of geography. The company is co-headquartered in
San Francisco and Singapore.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in
the MENAT (Middle East,
North Africa and Türkiye) region
with a presence in 13 countries, serving over 9 million active
customers. As at 31st March 2024,
total assets were AED 902 billion, (equivalent to approx.
USD 246 billion). The Group has
operations in the UAE, Egypt,
India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in
China and Indonesia with a total of 858 branches and
4,450 ATMs / SDMs. Emirates NBD is the leading financial services
brand in the UAE with a Brand value of USD
3.89 billion.
Emirates NBD Group serves its customers (individuals,
businesses, governments, and institutions) and helps them realise
their financial objectives through a range of banking products and
services including retail banking, corporate and institutional
banking, Islamic banking, investment banking, private banking,
asset management, global markets and treasury, and brokerage
operations. The Group is a key participant in the global digital
banking industry with 97% of all financial transactions and
requests conducted outside of its branches. The Group also operates
Liv, the lifestyle digital bank by Emirates NBD, with close to half
a million users, it continues to be the fastest-growing bank in the
region.
Emirates NBD contributes to the construction of a sustainable
future as an active participant and supporter of the UAE's main
development and sustainability initiatives, including financial
wellness and the inclusion of people of determination. Emirates NBD
is committed to supporting the UAE's Year of Sustainability as
Principal Banking Partner of COP28
and an early supporter to the Dubai Can sustainability initiative,
a city-wide initiative aimed to reduce use of single-use plastic
bottled water.
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