back Back

FAB, Magnati and RAK Govt join hands to launch RAK Pay

By Leandra Monteiro

December 28, 2022

  • Cashless Economy
  • Digital Payments
  • Fab
Share

Magnati, FAB, RAKFirst Abu Dhabi Bank (FAB) and Magnati have signed a partnership agreement with the Ras Al Khaimah (RAK) Government to establish a digital payment ecosystem, in line with the emirate’s vision to promote a digital economy.

To be launched as RAK Pay, the omnichannel platform aims to transform existing payment gateway revenue collection tools by providing an enhanced solution that transforms revenue collection and improves the customer payment journey.

RAK Pay will broaden the number of payment channels and services for users by accepting major card schemes for fee payments. Additionally, FAB and Magnati will provide the RAK Government with their own co-branded prepaid cards to issue users for all government service payments.

The central unified payment platform will enable all RAK government entities to receive payments from their customers in an easy flexible, unified and secure manner.

Yousuf Ali Mohammed, director-general of the Department of Finance, said, “Our partnership with First Abu Dhabi Bank and Magnati is in line with the strategic goals of the government, and the Department of Finance’s continuous efforts to enhance the emirate’s financial sustainability, while strengthening corporate governance of public revenue management and increasing the economic competitiveness of the digital economy.”

Eng. Ahmed bin Saeed Al Sayyah, general manager of Ras Al Khaimah Electronic Government Authority, said, “We are pleased to announce the launch of RAK Pay as an omnichannel, secure digital platform for all government entities within the emirate. It will provide an easy, one-stop solution, whether through Ras Al Khaimah’s official online portal or the mRAK app, to ensure a seamless experience for end-users across all our channels”.

Ramana Kumar, chief executive officer of Magnati, said, “As a leading payments and technology company, Magnati is excited to partner with the RAK Government to introduce the next era of smart government services that prioritise speed, convenience and security for users. RAK Pay will combine world-class payment infrastructure with best-in-class revenue collection practices to propel RAK to the forefront of the digital age.”

Previous Article

December 27, 2022

6 Alternative Lending start-ups in Switzerland to watch out for in 2023

Read More
Next Article

December 28, 2022

Dubai Chamber of Commerce launches FinTech and Payments business group

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Cashless Economy

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023