Bankable, the global provider of “Banking as a Service” solutions, and Visa today announced a strategic collaboration within the Central and Eastern Europe, Middle East and Africa (CEMEA) region. Bankable aims to work with Visa to accelerate the digital capabilities of financial institutions’, build and launch digital banks, reduce cash usage and increase Fintech sponsorship in CEMEA.
To accommodate this collaboration, Bankable is opening an office at the Dubai International Financial Center (DIFC), which will be Bankable’s Middle Eastern hub.
Bankable’s presence in Dubai will allow the company to engage with the Dubai International Financial Centre, the leading financial centre of the Middle East, Africa and South Asia, comprised of more than 2.000 active registered firms. Bankable will complement and address the already strong fintech ecosystem in the region. The company will look to foster partnerships that enable faster time-to-market and relevant digital banking initiatives.
“Our decision to invest in Dubai is a natural extension for us. Bankable has served prestigious global clients headquartered in Dubai for the last three years. Following our global partnership in April 2019 with Visa, Bankable is committed to increase its alignment with Visa. Not only is Dubai home to global head offices and Visa’s CEMEA base, but some of our existing clients in Europe and North America are now looking to expand in the region. We will be able to support our clients directly and Visa’s CEMEA financial institutions members as well as provide European and US access to UAE based organisations.” said Eric Mouilleron, CEO and founder of Bankable. “Partnering hand in hand with the DIFC, Bankable has the ambition to design, federate and operate a fintech magnet supported by pre-approved regional bank sponsors to facilitate the onboarding of global scaleups and contribute to strengthen the DIFC ecosystem.”
Otto Williams, VP Head of Strategic Partnerships, Fintech & Ventures CEMEA at Visa, said, “Our recent ’Stay Secure’ survey revealed increased preference for digital payments among consumers in the UAE and other key markets in the region. That and the efforts of visionary governments to develop connected cities make it a very exciting time for Visa, as an enabler of the payments ecosystem, to be bringing in new players like Bankable. Our strategic partnership with Bankable represents a great opportunity to further accelerate digital payments innovation in the region, and we look forward to bringing this partnership to our fintechs and bank clients to deliver innovative consumer experiences.”
Salmaan Jaffery, Chief Business Development Officer, DIFC Authority said: “We are delighted to welcome Bankable to the DIFC. Bringing efficiency to the payments industry is a critical piece of DIFC’s FinTech strategy, which provides firms a critical platform for innovation amid the world’s largest remittance corridors.
Investment in FinTech in our region is twice the rate globally so we will continue to support the ‘Banking as a Service’ model pursued by Bankable.
Jaffery added: “Not only will Bankable enjoy being strategically located in the 8th ranked financial centre globally, but DIFC will also provide Bankable access to an international network of strategic partners and financial institutions, reinforcing the DIFC’s commitment to the Future of Finance.”