Meedaf in first joint venture for cash, ATM solutions
Meedaf was launched as a financial services support venture in April
Dubai: The ADCB-backed financial services entity Meedaf has struck a joint venture with Brink’s to offer banking clients in the UAE with cash management and ATM operations. Abu Dhabi banking giant ADCB had launched Meedaf in April and with plans to have a GCC-wide visibility.
The deal with Brink’s is the first for ADGM-licensed Meedaf. It will provide solutions for cash-in-transit, money processing, ATM managed services and digital retail solutions. That would encompass deposit machines, cash recyclers and kiosks.
The JV will ‘ensure smarter, more secure operations and control across the entire cash ecosystem’.
The new deal also sets up Meedaf’s expansion into key regional markets.
Banks in the UAE have in the recent past created payment processing networks and entered adjacent areas in the broader financial services sector through investments in fintechs, etc.
What Brink's brings
Brink’s background is in managing complex, high-volume operations and that's 'coupled with proprietary systems that optimize route planning, crew deployment, and cash centre performance'. Essentially, back-end operations where banks will hope to generate greater efficiencies and cost controls.
"Our joint venture with Brink’s underscores Meedaf’s unwavering commitment to revolutionizing financial services through cutting-edge innovation and strategic alliances," said Abdulla Abdul Aziz AlShamsi, Managing Director and CEO at Meedaf.
Sign up for the Daily Briefing
Get the latest news and updates straight to your inbox
