First Abu Dhabi Bank inks partnership with Mastercard
The Middle-East commercial payments market is picking up pace. Last year in December, FADB partnered with Visa, Mastercard’s arch rival, to launch B2B virtual cards, while Mastercard, on the other hand, partnered with Network International to expand its presence in MEA.
This week, UAE based financial institution First Abu Dhabi Bank (FADB) has signed a five-year strategic partnership deal with payments giant Mastercard. Under this partnership, Mastercard will be offering B2B corporate card and payment offerings and the two will “aim to simplify business-to-business (B2B) payments for companies in the UAE, making them more seamless, secure and convenient”, the press note stated.
Mastercard’s commercial cards and payment platforms will be made available to FADB clients along with other Mastercard products and services.
“Commercial payment is an increasing area of focus for FADB, and we are constantly working towards developing advanced solutions that enable our customers to make payments digitally, in a safe and secure manner,” said Ramana Kumar, EVP and Head of Payments and Digital, PBG, FADB.
Adding further he said, “As we continue to build on our position in the payments space, our partnership with Mastercard allows us to serve businesses through their leading digital solutions”.
FADB clients can also use Mastercard’s In Control solution which would help large corporates to simplify their card payments and cash flows. The bank would also launch Mastercard Purchase Card and Mastercard travel and entertainment cards.
“The COVID-19 pandemic has changed the way business is done across all sectors, and B2B payments are ripe for modernization and enhanced efficiencies. This partnership will address the challenges that traditional channels pose for UAE businesses by making corporate payments simpler, more secure and convenient,” said Girish Nanda, Country Manager, UAE & Pakistan, Mastercard.