The National Bank of Ras Al Khaimah (RAKBANK) today announced its partnership with Mastercard, a technology leader in the global payments industry, to make online payments for Small Medium Enterprises (SMEs) safe, simple and smart. The partnership is a push towards driving e-commerce growth for SMEs, positively impacting their long-term sustainability through technological innovation.
The RAKBANK solution, which is powered by Mastercard’s Simplify Commerce, enables RAKBANK SME customers to create their own online store, accept digital payments, manage invoices and minimize fraud via a single portal. The technology will enable merchants to reach more consumers, including those from international markets as well as promote products via social media. The portal is underpinned by the reach, security and reliability of Mastercard’s industry leading technology and network.
Commenting on the partnership, Frederic de Melker, Managing Director of Personal Banking at RAKBANK added: “The Simplify Commerce tool is in line with RAKBANK’s goal of providing our customers the digital support required to run an effective business in today’s digitally driven world. RAKBANK is a market leader in the digital transformation of banking services. From digital wallets and contactless payments to instant remittances; innovation is aligned with our strategy for diversification.”
Girish Nanda, Country Manager – UAE & Oman, Mastercard said: “Tech-savvy consumers in the UAE and across the region are increasingly relying on their smartphones and connected devices to make purchases. Going digital is thus not just good for young businesses, but is a necessity. As a strategic partner to the country’s business and financial institutions, Mastercard is well-positioned to unlock economic opportunities for small businesses by leveraging digital payments to grow revenue streams through an intuitive and user-friendly solution. The Simplify Commerce tool is a seamless and innovative tool that will drive SME growth, and further transition the UAE towards transforming into a cashless society.”
Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK said “As the leading SME Bank in the country, the agreement with Mastercard offers our business banking customers the online support system needed to run their business as efficiently and effectively as possible. The Simplify Commerce tool saves our business customers two material features that business owners value the most – time and money.”
According to the UAE SME Council, the sector is expected to contribute over 50% to the country’s GDP in 2019. With strong growth prospects ahead, Mastercard is committed to unlocking the economic potential of SMEs in the UAE and across the region, with a series of strategic initiatives that add real value to their financial growth and sustainability, ultimately enabling the shift towards a world beyond cash.