UAE challenger Ruya Bank partners Network International for digital payment capabilities
Newly-launched Ruya Bank, which claims to be the first Islamic digital community bank in the UAE, has signed with regional paytech Network International for payment capabilities.
Ruya Bank signs for Network International’s payment solutions
The deal provides the challenger with access to Network’s payment solutions, which will enable the introduction of “instant transaction processing, customised user interactions, and a comprehensive suite of digital services”, according to the vendor.
Ruya is also adopting Network’s value-added services for tokenisation, card control, and fraud mitigation which, together with the vendor’s payment solutions, will culminate in a “digital-first approach in providing services, significantly enhancing transaction speed, convenience, and the overall customer experience”.
Ajman-based Ruya entered the market this year with a suite of Shariah-compliant retail banking services, including Wakala deposit accounts and savings products, provided via its mobile app and brick-and-mortar community centres.
It also plans to launch business banking services, that, according to its website, are “coming soon”.
