Codebase Technologies and the Union of Arab Banks partner in MENA
By Edil Corneille
Codebase Technologies (CBT), a global open API banking solution provider, and UABdigital, the ecosystem digital transformation arm of the Union of Arab Banks (UAB), headquartered in Lebanon, have entered into a strategic alliance to accelerate UAB member banks’ digital transformation journeys using CBT’s Digibanc™ suite.
Legacy systems of banks and financial institutions act as a hindrance and inhibit abilities to evolve products and services. This results in limited customer access to banking and financial services across geographies, outdated value chains, and widespread financial illiteracy.
The strategic partnership will drive economies of scale for UAB member banks and financial institutions in MENA through its banking-grade technologies and solutions, such as Digital Banking as a Service, frictionless customer onboarding and KYC, automated regulatory reporting, engaging user experiences, and completely digital core systems.
Codebase Technologies’ Managing Partner, Raheel Iqbal, applauded the alliance, and stated, “this partnership will enable UAB member banks and financial institutions to benefit from digital-first banking in the MENA region through Codebase Technologies mission to further demystify digital financial services.”
UAB Secretary General Wissam Fattouh said, “Codebase Technologies is recognized as a leading Global Open API Banking solution provider and has a remarkable team developing and deploying cutting-edge software for financial institutions with commitment to the Arab region, this makes the company an ideal addition to the UAB partners ecosystem, and joining forces will enable us to offer the broadest portfolio of solutions to the benefit of our member banks with the guidance and direction of UABdigital.
We look forward to working closely with CBT to develop value propositions that are both cost and time effective in order to support our members in their open banking mandates”
UAB’s Head of UABdigital, Suleiman Barada, welcomed CBT to UABdigital’s partners ecosystem and stated, “the partnership with CBT aims at facilitating the access of our members to CBT’s offerings thereby accelerating the adoption and the deployment of Digital Banks in the Arab region with the underpinning of modularity and speed to ensure sustainability and growth of our member banks in the Digital Era.”
IBSi Daily News Analysis
June 06, 2023
Despite better banking oversight, fraud remains a real threat to the futureRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage