Khalid Elgibali, Division President, Middle East and North Africa, Mastercard (L) and Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB [R] Image Credit: Supplied

Abu Dhabi: Mastercard and First Abu Dhabi Bank (FAB) announced an exclusive long-term global partnership, building on their long-standing collaboration, in the Eastern Europe, Middle East, and Africa (EEMEA) region. The landmark deal, a media release said, spans four markets – the UAE, Saudi Arabia, Oman, and Egypt.

The deal will see the market leaders join forces to further fuel the region’s digital payments ecosystem.

FAB expects to scale its expansion plans globally with this partnership, in addition to releasing new products and services for their priority customers. This segment includes SMEs and commercial customers who will benefit from solutions that offers greater flexibility and variety in terms of benefits.

AI is set to be an integral part of the long-term collaboration, harnessing Mastercard’s global expertise and the power of Mastercard’s Global Center for Advanced AI and Cyber Technology, which is based in the UAE.

“FAB and Mastercard share a commitment to spearheading excellence while keeping our customers at the heart of everything we do. We are delighted to deepen our partnership as we consolidate our portfolios, harnessing Mastercard’s innovative product capabilities, differentiated service offerings and unique partnership approach. We are excited to usher in this new era to accelerate our growth and advance digital transformation across the region,” said Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB.

“At Mastercard, we are working side by side with leading ecosystem players to power economies, boost financial inclusion and build a sustainable, connected world where everyone can thrive. Our global collaboration with FAB represents a significant milestone on our shared journey of innovation and growth. We thank the bank for their partnership and look forward to leveraging our complementary strengths to drive disruption and redefine the payments landscape together,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.

Mastercard and FAB have enjoyed a long-standing productive collaboration. Most recently, the two partners launched the SlicePay Buy-Now-Pay-Later (BNPL) card under FAB’s Dubai First trademark, and FAB joined Mastercard’s Priceless Planet Coalition.