UAE’s largest bank First Abu Dhabi Bank (FAB) has completed the carve out of its existing payments business into a wholly-owned and operational subsidiary named ‘Magnati’.
The new brand name is based on energy, potential, and collaboration, and it emphasizes the company’s mission to turn payments into possibilities.
According to the FAB statement, Magnati will be able to unlock new growth opportunities through a focused and agile model, underpinned by an intelligent payments platform that creates value for the customer, government, merchant, and institutional clients, as a rapidly growing and industry-leading payments business operating in a buoyant market.
This unique platform will enable clients to grow their core businesses by monetizing data and leveraging next-generation technologies such as APIs, artificial intelligence, and machine learning capabilities to provide better experiences and increased efficiency, the bank added.
As per the reports, Magnati combines four key business lines and they are, a rapidly growing acquiring business, strong and exclusive government solutions, market-leading consumer payments, and captive issuer processing. Magnati’s customer-led value proposition is a strong differentiator, empowering customers to excel in the digital economy through value-added services built around data and platform capabilities.
Magnati will be led by Ramana Kumar, previously Group Head of Payments and Digital Banking at FAB. In his new role, as the CEO of Magnati, he will be supported by the leadership team across business, operations, and technology.
“Magnati is now plugged in, charged up, and ready to deliver on our mission to transform payments into possibilities. As a standalone business, we will be able to drive our strategy forward and pursue our growth ambitions, with a powerful brand name reflecting our emphasis on partnership, value creation, and orientation towards the future. With FAB’s support, we are well-positioned to deliver further benefits for our customer, government, merchant, and institutional clients, helping them harness the opportunities of the digital economy, and shape the future of payments in the region. Magnati completes the carve out of FAB’s payments business and its transition from a transactional to a data-driven and platform business. All existing merchants and customers will transition to Magnati and the bank’s familiar point of sale devices and other customer-facing devices will be rebranded over the coming days.”
Hana Al Rostamani CEO at FAB Group said, “The establishment of Magnati as a growing, agile and focused payments business comes at a time when the region’s transition to digital payments is accelerating. By creating a standalone entity with its own strategy, and a highly experienced management team, Magnati will be able to leverage its technology, data, and customer relationships, further unlocking value for the company.”
Magnati will operate as a wholly-owned subsidiary of FAB, bolstering the Group’s position as a leader in the rapidly expanding payments sector and accelerating the Group’s digital transformation agenda.
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