Digitally led financial services provider Deem has engaged the services of Network International, the Middle East and Africa region’s leading digital commerce enabler, to allow it to issue credit cards and other services to customers in the United Arab Emirates.
Deem is looking to offer the market a new product set featuring a number of cutting-edge communication tools and digital services for cardholders.
The collaboration builds on the significant experience that Network has with the providing of credit card and instalment plan lending solutions to the region’s financial institutions.
Deem has been able to leverage the established payment infrastructure of Network as well as its risk management and value-added generating services to be free of the mechanics of credit card processing.
This means that Deem can now focus on differentiating itself within the lending market as a leading player in the digital market without the overheads associated with operational credit card management.
The primary drivers of Deem choosing Network as its processing partner were its online/real-time credit card processing service, the advanced API interfaces offered to customers, and the short timeframe to launch the new credit cards.
Deem Finance’s CTO Alex Kim says that a number of challenging targets were set for product delivery last year and those were met by Network.
The new products have now gone live, and all set up and data migration activities will be completed shortly.
Network is a highly trusted local processing partner within the region and is delighted to be recognised as such by Deem, according to the managing director of Network International for the Middle East, Samer Soliman.
Network is an outsourced service provider that is capable of helping Deem to really grow its business, according to Soliman.
The UAE is one of the world’s fastest-growing markets for digital payments, and Network is committed to delivering payment products and services that are secure and innovative to support clients in the regional payment ecosystems, Soliman adds.
Network will also provide Deem with the ability to immediately issue credit cards in digital form for Apple Pay and Google Pay, further helping to support the company’s aim of becoming a leading player in the digital market.
Mubadala Investment Company, Waha Capital, A.A. Al Moosa Enterprises LLC, and Fullerton Financial Holdings back Deem and offer individuals financial support via credit cards, corporate deposits and loans.
Deem has advances and loans of more than AED1bn as well as deposits, with its offering being powered by a digital platform that is very user-friendly, with the customer experience being the main priority.
Network already provides payment solutions to more than 220 financial institutions within the MENA region.
The firm consists of a group companies and is the MENA region’s leading digital commerce enabler, offering a complete suite of tech payment solutions to financial institutions and merchants of all sizes and types.
These solutions include the acquisition and processing of services and a comprehensive and evolving value-added service range.