First Abu Dhabi Bank (FAB), the largest bank in the UAE, and Mastercard, the digital payments leader, are getting together for an exclusive long-term global partnership spanning four of the biggest markets in the region – the UAE, Saudi Arabia, Oman, and Egypt.
The agreement builds on their long-standing collaboration in Eastern Europe, Middle East, and Africa (EEMEA) region and will see the two companies joining forces to fuel the region’s digital payments ecosystem further.
FAB is the biggest bank in the UAE with total assets of $318 billion at the end of 2023, during which loans, advances, and Islamic financing grew 5 percent YoY to $132 billion.
The partnership will harness new technologies such as Artificial Intelligence (AI) to enhance the customer experience and drive efficiency. It will Mastercard’s expertise and the power of its Global Center for Advanced AI and Cyber Technology, based in the UAE.
The collaboration will enable FAB to accelerate growth and innovation in the UAE and scale its expansion plans in international markets by delivering unique and disruptive products, services and solutions that are customised for the bank’s priority consumer, SME and commercial segments.
FAB, Mastercard’s strategic alliance
The strategic partnership will unlock new ways of enabling day-to-day collaboration. Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB, commented: “FAB and Mastercard share a commitment to spearheading excellence while keeping our customers at the heart of everything we do. We are delighted to deepen our partnership as we consolidate our portfolios, harnessing Mastercard’s innovative product capabilities, differentiated service offerings and unique partnership approach.
“We are excited to usher in this new era to accelerate our growth and advance digital transformation across the region.”
Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, added: “At Mastercard, we are working with leading ecosystem players to power economies, boost financial inclusion and build a sustainable, connected world where everyone can thrive.
“Our global collaboration with FAB represents a significant milestone on our shared journey of innovation and growth. We look forward to leveraging our complementary strengths to drive disruption and redefine the payments landscape together.”