UAE-based Ajman Bank has partnered with fintech firm Kamel Pay to bring innovative payment solutions to the UAE, media reports said. The partnership is in line with the emirate’s vision to move towards a cashless society.
CEO of Ajman Bank, Mohamed Amiri told the media, “Our goal is to develop a robust electronic payment ecosystem driven by data and insights to increase the safety and security of electronic payments. It complements our strategy and vision to address the needs of our customers with the most innovative products and services.”
With regard to the partnership with Ajman Bank, Chairman of Kamel Pay, Hussain Al Qemzi, said that the collaboration will have a substantial impact on the adoption of secure and cashless payments across the UAE; especially in the underbanked population who had been largely neglected till now.
According to media reports, Ajman Bank recorded a consolidated net profit of Dh61.9 million for the first half of 2021, a 44 percent increase when compared to a profit of Dh43 million for the same period last year.
In this regard, Mohamed Amirit told the media, “Ajman Bank experienced a strong performance in the second quarter of 2021, as net revenues started to improve again after the decline during the pandemic. We have seen consumer and corporate confidence rising across our businesses as reflected in our performance. This demonstrates the recovery of the UAE economy and we are optimistic about the momentum ahead.”
Image credit: Arab News