Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) will carve out its payment business into a fully-owned subsidiary to accelerate its digital transformation and offer long-term shareholder value.
This decision came after the bank had received regulatory approval from the Central Bank of the UAE (CBUAE) to establish the new company, according to a recent press release.
The bank's payment business focuses on direct acquisition, issuer processing, and acquiring processing, enabling the new subsidiary to benefit from FAB’s expertise and technology platforms connected with the region’s dynamic FinTech ecosystem.
Meanwhile, the subsidiary will provide the government, merchants, and institutional clients with payment solutions and value-added services to help them grow their businesses and optimise and improve technology investments.
To be launched in early 2021, the new payment company support FAB’s digital strategy by exploring new business models and opportunities to benefit from the transformative power of technology and data for secure financial services.
The Group CEO of FAB, André Sayegh, said: "In addition to our involvement in the new digital bank being created by ADQ, this move represents another significant long-term strategic opportunity for FAB, forming a key part of our growth and transformation agenda."
