Ajman Bank signs strategic agreement with VaultsPay

By Leandra Monteiro

Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has signed a partnership agreement with VaultsPay, a UAE FinTech Company to build and implement a highly innovative payments value proposition for businesses and individuals in the UAE.

Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are glad to collaborate with VaultsPay as part of our ongoing commitment to strengthen the payments infrastructure with the most advanced, secure and cashless payment solutions. Our goal is to develop a robust electronic payment ecosystem driven by data and insights to increase the safety and security of electronic payments. It complements our strategy and vision to address the needs of our customers with the most innovative products and services.”

This strategic partnership will enable Ajman Bank to expand its existing payments business capabilities and provide individuals and businesses with digital access to full suite of financial services in the UAE in collaboration with Vaults Pay.

Ahmed Bin Braik, Chairman, VaultsPay, said, “We are excited in partnering with Ajman Bank and launching a unique acquiring host platform that will provide a comprehensive payment gateway solution and card issuing services via a customer-centric and secure digital app-based platform.”

Inspired by the UAE’s National Payment System Strategy of moving towards cashless society, VaultsPay was founded in April 2020 in UAE. Since then, VaultsPay has achieved many significant milestones and captured its market share in a very short period of time which is increasing gradually.  VaultsPay aims to expand beyond the UAE and become the leading FinTech Company in the MENA Region.

Abdulla AL Suwaidi, VaultsPay CEO, said, “Having Ajman Bank as our trusted banking partner will provide VaultsPay a strong foundation to deliver the first SuperApp for the UAE for all type of products and a seamless customer experience for businesses and individuals through an innovative payment platform and superior service delivery. This collaboration between Ajman Bank and VaultsPay will offer the first UAE acquiring host platform for other acquirees and payments service providers.”