CBI partners with areeba to advance FinTech payments in the UAE

By Gloria Methri

Commercial Bank International (CBI) has announced a strategic partnership with areeba, a global payment infrastructure provider in the UAE. The partnership aims to empower FinTechs with scalable, secure card management capabilities and accelerate the growth of the country’s digital payment ecosystem.

Through this collaboration, CBI will leverage areeba’s advanced payment platform to provide FinTechs with an efficient solution for launching and managing digital payment products. With the UAE already accounting for 46% of FinTech startups in the MENA region, the agreement aims to further support the growth of the local FinTech landscape by enabling businesses to adopt innovative solutions.

Commenting on the partnership, Ali Sultan Rakkad Al Amri, CEO of CBI, said, “Our partnership with areeba underlines our commitment to providing UAE FinTechs with cutting-edge payment solutions. This agreement aligns with CBI’s vision to foster innovation in the financial industry and further support fintechs with the tools they need to succeed in a rapidly evolving financial ecosystem. Together with areeba, we aim to drive forward the UAE’s vision of becoming a global hub for FinTech development.”

“Areeba is delighted to join forces with CBI to offer a full card issuance program management service for the UAE market,” said Maher Mikati, CEO of areeba. “This partnership underscores areeba’s commitment to supporting FinTechs and neobanks across the UAE, enabling them to adapt seamlessly to the ever-changing payment landscape. By providing scalable and modular payment infrastructure, areeba empowers its customers to accelerate the launch of their card programs and tailor products according to their specific needs.”

The partnership builds on CBI’s ongoing investments in FinTech, including its recent collaboration with zypl.ai, a startup specialising in generative AI for lending solutions. These initiatives reflect CBI’s dedication to integrating advanced technology into the financial sector, furthering its commitment to innovation and supporting a thriving FinTech ecosystem in the UAE.