The National Bank of Ras Al Khaimah (RAKBank) has concluded an agreement with Mastercard to boost e-commerce growth for UAE’s Small and Medium Enterprises (SMEs).
The new deal will stimulate seamless, easier, and safer online support systems to business banking customers, according to the bank’s disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
Facilitated by Mastercard’s Simplify Commerce and supported by its reach, security, and reliability, the new solution allows RAKBank’s SME customers to create their own online store, accept digital payments, manage invoices, and also minimise fraud through one single portal.
Additionally, the new technology will empower merchants to reach more customers as well as promoting their products through social media channels.
The SME sector will likely contribute more than 50% of UAE’s GDP in 2019, hence, completing the transition into a cashless nation, supported by Mastercard’s commitment to offering innovative and strategic initiatives for SMEs inside the UAE and across the region, according to the UAE SME Council.
Meanwhile, the managing director of personal banking at RAKBank Frederic de Melker remarked, “The Simplify Commerce tool is in line with RAKBank’s goal of providing our customers with the digital support required to run an effective business in today’s digitally driven world.”
He further noted that the new technology proves the bank’s strategy for diversification.
Mastercard’s country manager – UAE & Oman Girish Nanda highlighted, “Tech-savvy consumers in the UAE and across the region are increasingly relying on their smartphones and connected devices to make purchases. Going digital is thus not just good for young businesses, but is a necessity.”
“The Simplify Commerce tool is a seamless and innovative tool that will drive SME growth, and further transition the UAE towards transforming into a cashless society”, Nanda concluded.