4 Major BankTech deals announced in MENA in July 2024

By Gloria Methri

BankTech is the utilisation of technology to deliver financial services to customers. Its significance has grown in the banking industry, prompting substantial investments from banks. FinTech’s emergence has compelled banks to adjust to evolving customer preferences, with banking technology leading the charge.

From online banking to mobile payments and cryptocurrency, BankTech spans a wide spectrum of offerings. Across the Middle East and North Africa (MENA) region, the convergence of banking and technology, commonly referred to as BankTech, is witnessing remarkable growth. These partnerships serve as catalysts for development, fostering a conducive environment for innovation and growth.

Listed below is a compilation of 4 July-specific BankTech deals that occurred in MENA:

• RAKBANK and Microsoft AI

RAKBANK has partnered with Microsoft to integrate AI into banking operations, enhancing customer service, compliance, and marketing. The collaboration aims to redefine compliance, anti-money laundering, combatting the financing of terrorism (AML/CTF), and fraud detection at RAKBANK. These advancements will be achieved through GPT-4o from OpenAI running on Microsoft’s trusted cloud.

• Al-Rajhi Bank Jordan and ICS BANKS

Al-Rajhi Bank – Jordan has gone live on ICS BANKS® Universal Islamic and Digital Banking Solutions from ICS Financial Systems (ICSFS).

The implementation scrubs Al Rajhi Bank’s legacy system, migrating to ICS BANKS® full-fledged Universal Islamic Banking Solution and Digital Banking Solutions. The move enables Al Rajhi to deliver a broader scope of services and products to its customers. It provides them with direct access to banking services anytime, anywhere through ICS BANKS digital touchpoints.

• Jordan Kuwait Bank, Mastercard and FOO

Jordan Kuwait Bank (JKB) has announced its strategic collaboration with Mastercard and UAE-based FinTech FOO to introduce eliWallet.

Developed by JKB, eliWallet is a prepaid wallet offering both virtual and physical cards for multicurrency transactions. It provides a timely method of payment for customers, enabling them to carry out transactions with ease, whether in-store, using the app, or shopping online.

• Mashreq partners with Oracle

Mashreq has extended its relationship with Oracle Financial Services to modernize its operations and support its growth globally. The bank will replace its core systems with Oracle solutions to streamline and enhance its operations in key international hubs, including Hong Kong, the United States, and the United Kingdom.

Oracle will provide the robust foundation needed for Mashreq to integrate new entities and services, streamline operations, and comply with the latest industry standards as it expands across diverse geographies.