Mambu opens new office in the United Arab Emirates (UAE)

By Edil Corneille

Cloud banking platform, Mambu, announced the opening of its new office in the emirate of Abu Dhabi, as the United Arab Emirates has quickly become a key market for Mambu.

The UAE is consistently evolving and developing the junction of financial services and technology. The FinTech solutions that the country supports include mobile banking and cryptocurrency to name a few. With the number of mobile penetrations globally at 173 per cent, the region offers an extensive customer base for digital banking, a press release by Mambu apprised.

Miljan Stamenkovic, General Manager MENA at Mambu stated, “Our philosophy of building digital attackers’ and neobanks’ future-proof architecture, while enabling them to adopt the latest cloud-based solutions has really resonated in the Middle East.”

Stamenkovic further added, “Our partners and customers in the GCC region can leverage Mambu’s cloud banking platform, and our ecosystem of composable partner solutions to deliver modern banking.”

The new office, located in Al Khatem Tower at ADGM Square, Al Maryah Island, is said to bring together a wealth of talent and experience to help transform the UAE’s fertile market. Abu Dhabi Global Market (ADGM) found that 83 per cent of the residents in the UAE accept adopting and adapting to FinTech solutions by non-financial institutions. Additionally, 76 per cent trust at least one financial technology company with their money over physical banks. This makes the region an optimum ground for digital platforms in fields such as banking and finance.

Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch and service any lending or deposit portfolio through a modern SaaS banking platform. Built from the cloud up, Mambu is said to be a powerful alternative to the costs and complexity of traditional core banking systems or custom in-house solutions.