One of the renowned Shariah-compliant banks, namely Ajman Bank in the UAE, has partnered with VaultsPay to offer virtual financial services for companies.
The collaboration would broaden the bank's transaction abilities by providing digitised access to financial products to its UAE customers.
"Our objective is to build a strong online payment ecosystem powered by information and analytics to improve the safety and reliability of contactless transactions," said Ajman Bank CEO Mohamed Amiri in a release. VaultsPay is an online payment system in the UAE established in 2020.
In conjunction with Vaults Pay, this significant agreement will allow Ajman Bank to extend its current transactions industry abilities and give consumers and companies web access to a comprehensive spectrum of financial services in the UAE.
"We are thrilled to work with Ajman Bank and develop a distinctive purchasing host system that will deliver a full payment portal option and card issuing facilities via a consumer and safe digital app-based system," stated Mr. Ahmed Bin Braik, Chairman of VaultsPay.
VaultsPay was formed in April 2020 in UAE, driven by the UAE's National Payment System Plan of transitioning towards a cashless economy. Ever since, VaultsPay has accomplished numerous vital milestones and gained its market share in a rapidly brief amount of time, which is continuously expanding. VaultsPay aspires to go outside the UAE and become the premier Fintech firm in the MENA region.