National Bank of Fujairah digitises corporate banking operations with iGTB’s eMACH.ai
National Bank of Fujairah (NBF), a full-service corporate bank based in the UAE, has partnered with Intellect Global Transaction Banking (iGTB) to upgrade its digital banking capabilities.
UAE’s NBF selects iGTB’s eMACH.ai
This upgrade will see the $15.1 billion asset bank adopt the vendor’s open finance platform eMACH.ai, marking what iGTB claims to be the first deployment of the cloud-managed service in the region.
Launched last year, the platform enables financial institutions to create and deploy their own custom products using AI technology.
This includes access to 329 microservices, 1757 APIs and 535 events, which together support functions across cash management, payments and trade finance.
iGTB says the platform’s selection will “drive growth and create product differentiation for NBF’s corporate banking digital operations”.
The vendor previously extended the same platform to Jordan Kuwait Bank in April.
Founded in 1982, Dubai-based NBF currently operates a suite of commercial, corporate and personal banking services alongside treasury and trade finance functions.
The publication of the bank’s H1 2024 results in July revealed a 9.4% rise in operating expenses, partly due to heightened investments in “digitalisation initiatives to further enhance our focus on exceptional customer service through digital adoption and innovation”.
NBF’s digital endeavours to date include launching an SME digital banking platform in 2019, rolling out the Klip digital wallet solution in 2020, and most recently, adopting the Central Bank of the UAE’s instant payments platform last October.
