4 major BankTech partnerships in MENA in April 2024

By Delisha Fernandes

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.

It encompasses the deployment of software, hardware, and various technological instruments to facilitate banking services. From online banking to mobile payments and cryptocurrency, BankTech spans a wide spectrum of offerings. This sector enables customers to access banking services conveniently from their homes or workplaces, while also empowering banks to expand their service portfolio.

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 April-specific BankTech partnerships in MENA:

• Jordan Kuwait Bank and iGTB

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, has announced that Jordan Kuwait Bank (JKB) has implemented Digital Transaction Banking (DTB) platform enabled by eMACH.ai architecture. This implementation provides a completely integrated, mobile-first, omni-channel experience to power Jordan Kuwait Bank’s growth ambitions in the Arab region based on Jordan Vision 2025.

• Zand Bank and Infosys Finacle 

Zand, a UAE-based digital-only bank, has subscribed to Infosys Finacle’s Corporate Banking Suite to deliver new-age experiences. Leveraging Finacle’s cloud-native solutions on Microsoft Azure, the bank is expected to strengthen its commitment towards delivering customer-centric, future-ready banking experiences underpinned by technologies like AI and predictive analytics.

• Oman Housing Bank and Temenos

Oman Housing Bank (OHB), a provider of housing finance in Oman, has selected Temenos to modernise its core banking platform in the cloud to develop new products faster and widen access to housing finance for Omanis. The bank will replace its existing legacy platform with Temenos core banking platform running on the cloud as a key part of its digital transformation project, which aims to broaden the range of products the bank can offer, including deposits and card services, to new and existing customers.

• Intellect Global Transaction Banking and NBK

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, has won an extended mandate with National Bank of Kuwait (NBK), to accomplish a full digital transformation by modernising existing channels and providing new digital capabilities in transaction banking.