First Abu Dhabi Bank inks long-term partnership with Mastercard

07 March 2024 Consultancy-me.com 2 min. read

First Abu Dhabi Bank, the largest bank in the UAE, has agreed an exclusive long-term global partnership with Mastercard focused on collaboration in four markets: the UAE, Saudi Arabia, Oman, and Egypt.

The large-scale collaboration will enable First Abu Dhabi Bank to drive accelerated growth and innovation in the UAE and scale expansion plans in international markets.

The partners will harness new frontier technologies such as artificial intelligence (AI) to revolutionize the customer experience and drive efficiency, harnessing Mastercard’s global expertise and the power of Mastercard’s Global Center for Advanced AI and Cyber Technology, which is based in the UAE.

First Abu Dhabi Bank inks long-term partnership with Mastercard

With shared value creation at the heart of the partnership, Mastercard and First Abu Dhabi Bank will develop initiatives and strategic programs as one unified team. Mastercard’s consulting division, Mastercard Data & Services, will contribute to the delivery of the partnership.

According to a press release, the partnership will “deliver unique and disruptive products, services and solutions that are customized for the bank’s priority consumer, SME and commercial segments, offering them more choice, flexibility and benefits.” The partnership will also “unlock new ways of working that will enable closer day-to-day collaboration and a shared focus on long-term strategic growth.”

Commenting on the collaboration, Futoon Al Mazrouei, Group Head of Consumer Banking for the UAE at First Abu Dhabi Bank, said: “First Abu Dhabi Bank and Mastercard share a commitment to spearheading excellence while keeping our customers at the heart of everything we do. We are delighted to deepen our partnership as we consolidate our portfolios, harnessing Mastercard’s innovative product capabilities, differentiated service offerings and unique partnership approach.”

“At Mastercard, we are working side by side with leading ecosystem players to power economies, boost financial inclusion and build a sustainable, connected world where everyone can thrive. Our global collaboration with First Abu Dhabi Bank represents a significant milestone on our shared journey of innovation and growth,” said Khalid Elgibali, Division President for Middle East and North Africa at Mastercard.

The collaboration builds on a long-standing relationship between the two companies. Most recently, the two partners launched the SlicePay Buy-Now-Pay-Later (BNPL) card under the Dubai First trademark.

First Abu Dhabi Bank has also joined Mastercard’s Priceless Planet Coalition, a global initiative that unifies corporate efforts to restore 100 million trees with the aim of contributing to the fight against climate change.