National Bank of Fujairah awards cloud project as UAE banks go for major tech upgrades
Banking sector has been hyper-active in awarding big-ticket tech contracts
Dubai: The National Bank of Fujairah has contracted Intellect Global Transaction Banking to do the cloud integration at its operations. The deal also markets the first of Microsoft’s Azure-managed services for the latter’s eMACH.ai cloud platform.
The UAE banking sector has been particularly busy with tech-related project awards, and there could be more ahead of the end of year. While most of them already have sophisticated cloud platforms embedded, the AI side of things will require more tweaks and upgrades, tech analysts say. It also helps that local banks continue to turn in strong financials, giving them the flexibility to hand out big-ticket technology projects.
“Implementing their comprehensive DTB solution on Azure Cloud will position us to revolutionise our digital banking capabilities, delivering unparalleled experience and security to our clients,“ said Adnan Anwar, CEO of NBF.
“NBF is establishing a robust foundation for the integration of the latest emerging technologies, including AI, ensuring a future-ready organisation.”
On Thursday (October 24), Ajman Bank and the payment transactions platform Magnati confirmed a partnership to offer an ‘embedded’ finance solution for SMEs.
This would provide Sharia-compliant services Ajman Bank’s SME clients, and giving ‘merchants the tools they need to scale their businesses’.
This partnership simplifies the application process for SMEs using Magnati’s payment solutions. It also enables ‘faster approvals and a more personalized and enhanced customer experience’. The EMI payments are automatically deducted from daily payouts, improving cash flow management and providing businesses with financial stability.