Tuum to power OBD’s Uptex Bank digital launch in MENA

By Vriti Gothi

Tuum has been chosen by Oliver Business Development (OBD) Holding to deliver the digital foundation for its newly licensed e-banking venture in the Middle East and Africa (MEA), Uptex Bank.

This strategic collaboration represents Tuum’s first customer in the Middle East and underscores its commitment to enabling innovation-driven financial institutions in fast-growing, highly regulated markets.

Following OBD’s recent e-banking licence acquisition, Uptex Bank will introduce a comprehensive suite of digital wallet and payment services, forming the cornerstone of the group’s rapidly expanding financial ecosystem. The new digital proposition will connect seamlessly with OBD’s other financial platforms, including Uptex Broker, a leading forex and CFD broker in the MEA region, and Rizzbees, an EU-licensed cryptocurrency exchange. Powered by Tuum’s modular, API-first core banking system deployed via AWS in Europe, the platform is designed for rapid scalability, robust compliance, and accelerated time-to-market.

In selecting its technology partner, Uptex Bank prioritised speed of delivery, regulatory readiness, and scalability. Tuum’s collaborative approach, acting as a true strategic partner rather than a traditional vendor, was pivotal in enabling the delivery of a Minimum Viable Product (MVP) in an ambitious timeframe without compromising operational resilience or compliance integrity.

Miljan Stamenkovic, Chief Revenue Officer at Tuum, said, “This is a landmark win for Tuum. It demonstrates the growing demand for modern, modular core banking platforms in the Middle East. OBD is building a bold, differentiated proposition in Oman, and we are proud to power its infrastructure.”

Archie Sol, Chief Marketing Officer of Uptex Bank, said, “We’re building a unique e-money proposition that brings together traditional and next-gen financial services into one seamless ecosystem. Tuum stood out as the platform to help us achieve this vision. From their sleek technology to the responsiveness of their team, it was clear they’re not just a vendor they’re a partner. With Tuum, we’re not only launching fast, we’re building for scale. Uptex Bank is designed for people tired of the old way banks treat them from Gen Z and digital-first users to everyday customers seeking something faster, fairer, and more intuitive. With Tuum’s flexible, API-first platform, we’re creating a banking experience that’s modern, human, and built for how people live now, not how banks used to operate.”