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February 03, 2019
New Delhi, February 3, 2019: RAKBANK's partnership with Singapore-based Pine Labs, a merchant platform company that provides financing and last-mile retail transaction technology, will launch in the second quarter of 2019 an extremely innovative and unique payment platform in the UAE, which aims to transform the payment landscape in the region. The partnership is the first of its kind and will convert the 'point of sale' terminals into a 'point to acquire and engage' customers by offering a host of value-added services such as instant instalments, access to diverse rewards & loyalty programmes, top-ups, bill payments, instant discounts, campaign management, electronic-KYC, and more.
The agreement was signed by Frederic de Melker, Managing Director of Personal Banking at RAKBANK, and Kush Mehra, Chief Business Officer at Pine Labs in the presence of Simanta Das, Head of MEA Region at Pine Labs and Nishit Doshi, Head of Merchant Acquiring & Commercial Cards at RAKBANK.
Frederic de Melker, Managing Director of Personal Banking at RAKBANK, commented on the signing: "RAKBANK is fully committed to placing our customers' needs first and providing them with highly convenient, secure, and simple payment solutions through this first of its kind exclusive partnership with Pine Labs. RAKBANK is constantly introducing new, alternative mediums and platforms that can facilitate the customer's banking experience through innovative payment solutions."
"Both RAKBANK and Pine Labs are committed to solving merchants' problems and offering them innovative solutions to grow and sell more. While the cashless payment acceptance space in UAE is robust there is still room for growth in terms of offering value added services such as consumer financing, loyalty programs, and customer analytics via a unified platform. Our partnership with RAKBANK will address this need," commented Kush Mehra, Chief Business Officer of Pine Labs.
Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit www.pinelabs.com