RAKBANK and Network International have completed their merchant acquiring transaction in the United Arab Emirates after receiving approval from the Central Bank of the UAE.
As part of the partnership, Network will provide its state-of-the-art payment solutions to serve RAKBANK’s customers across SMEs and large corporates, furthering strengthening its position in the region’s rapidly growing payments and fintech ecosystem. Network will also offer innovative value-added services, reinforcing the commitment to empower the SME ecosystem and support the UAE’s Digital Economy Strategy. The acquisition also enables Network to serve the growing merchant demand for digital commerce solutions in Ras Al Khaimah, a growing Emirate poised for significant economic development.
RAKBANK and Network International will work closely with existing merchants to ensure a seamless transition and access to the new and enhanced solutions that this partnership enables.
This milestone reflects a shared commitment to enhancing payment capabilities, driving innovation, and supporting the continued growth of businesses across the UAE.
RAKBANK continues to maintain a strong balance sheet, with one of the highest capital and liquidity positions in the UAE banking sector.
This further reinforces the Bank’s ability to support its customers, invest in future growth and deliver on its strategy of being a digital bank with a human touch.
