Emirates NBD, a prominent banking group based in the UAE, has joined forces with Pine Labs, an Indian fintech company specializing in merchant commerce. This collaboration aims to enrich Emirates NBD’s merchant acquiring services tailored for its corporate and institutional clientele.
Under the umbrella of its growth strategies, Emirates NBD intends to bolster its merchant acquisition capabilities through the adoption of Pine Labs’ Credit+ solution. This initiative will see the introduction of a new suite of merchant acquiring solutions, initially launching in the UAE with subsequent expansion plans for Egypt and the Kingdom of Saudi Arabia. These solutions will empower Emirates NBD’s clients to enhance their digital payment ecosystems, catering to both online and in-store transactions.
Pine Labs’ Credit+ solution stands out for its comprehensive support spanning online and offline transaction processing, covering point-of-sale (POS), mobile point-of-sale (MPOS), and e-commerce platforms. Amrish Rau, Pine Labs’ CEO, lauds the partnership, emphasizing the provision of a robust end-to-end solution for in-store and online merchant acquiring. He highlights Credit+’s scalability, already operational in over 20 countries.
Established in 1998, Pine Labs operates across India, Southeast Asia, and the Middle East. In a notable move in 2022, the Delhi-headquartered firm acquired Setu, an API start-up based in Bengaluru. Additionally, Emirates NBD has previously collaborated with Silent Eight, a Singapore-based entity, to fortify its financial crime prevention measures, demonstrating its commitment to security and integrity.
Source: fintechfutures.com
