Following the announcement of their strategic partnership, RAKBANK and Network International (Network) have successfully closed the transaction after receiving all necessary approvals 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, further 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, as per the reports.
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. Furthermore, this marks a significant milestone in the collaboration between the two financial entities, paving the way for enhanced services and offerings in the region’s financial sector.
According to the company statement, “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.”
