Inlaks, Sub-Saharan Africa’s major ICT infrastructure and systems integrator, has partnered with Hyosung TNS to bring five ultramodern next-generation Automated Teller Machines (ATMs) to Africa, revolutionizing banking services.
According to the new Boston Consulting Group (BCG) report “Global Payments 2022: The New Growth Game,” payment revenues in the United Arab Emirates (UAE) are expected to reach $18.7 billion by 2031.
Wio, a state-backed digital bank, has been given the go-ahead to launch in UAE which in the beginning will focus on small and medium enterprises with a goal of public listing in the future. Wio is held by the Abu Dhabi sovereign wealth fund ADQ, Alpha Dhabi, and Etisalat, to 65%, 25%, and 10%, respectively. It received initial authorization to start operations from the UAE central bank in February.
Various opportunities, problems, and issues related to banking trends have been observed by the organisation. A transition to digital and quick payments is one of them. The Middle East digital payments market is expected to develop at a CAGR of 6.5 percent from 2020 to 2025, owing to a sharp increase in e-commerce sales, widespread internet access, and high smartphone adoption.
First Abu Dhabi Bank (FAB) has announced a partnership with IBM Consulting to aid the bank’s ongoing digital transformation journey. IBM Consulting will work with FAB to improve its digital platforms in a hybrid cloud environment in order to provide customers with a more seamless digital experience.IBM’s team of experts will collaborate with FAB to modernize existing applications and improve FAB’s customers’ digital footprint.