Mastercard and First Abu Dhabi Bank ink exclusive long-term global partnership to redefine the region’s payments landscape
March 7, 2024 | Abu Dhabi, UAE
Abu Dhabi, UAE; 07 March 2024: Mastercard and First Abu Dhabi Bank (FAB), the largest bank in the UAE, have announced an exclusive long-term global partnership, building on their long-standing collaboration, in the Eastern Europe, Middle East, and Africa (EEMEA) region. The landmark deal spans four markets – the UAE, Saudi Arabia, Oman, and Egypt – and will see the market leaders join forces to further fuel the region’s digital payments ecosystem.
The large-scale collaboration will enable FAB to drive accelerated growth and innovation in the UAE and scale expansion plans in international markets. 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 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.
With shared value creation at the heart of the partnership, Mastercard and FAB will develop initiatives and strategic programs as one unified team. The strategic partnership unlocks new ways of working that will enable closer day-to-day collaboration and a shared focus on long-term strategic growth.
“FAB 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. We are excited to usher in this new era to accelerate our growth and advance digital transformation across the region,” said Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB.
“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 FAB represents a significant milestone on our shared journey of innovation and growth. We thank the bank for their partnership and look forward to leveraging our complementary strengths to drive disruption and redefine the payments landscape together,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
Mastercard and FAB have enjoyed a long-standing productive collaboration that has brought to life a series of world- and market-first differentiators spanning various segments, including the region’s affluent customers. Most recently, the two partners launched the SlicePay Buy-Now-Pay-Later (BNPL) card under FAB’s Dubai First trademark.
FAB 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.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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