SAP Fioneer, Naqd Group through Royal Strategic Partners and MBME Group collaborate to Foster Digital Innovation in Financial Industry
Abu Dhabi, May 4, 2023 – Royal Strategic Partners (RSP), representing Naqd Group, SAP Fioneer GMBH and MBME Group have signed a Memorandum of Understanding (MOU) to establish a joint venture to create a Hub promoting digital innovation and technological advancement in the rapidly emerging digital economy across the MENA region and Indian sub-continent. A new “Centre of Excellence” based in Abu Dhabi is the first element of the Hub focusing on the Banking, Investment, Insurance and related financial services industries.
The MOU was signed by Matthias Tomann, Chairman of SAP Fioneer, Dr. Hamad Al Ali, CEO of RSP, and Ali Mohamed AlBadi, Chairman of MBME Group, at a ceremony held at RSP’s headquarters in Abu Dhabi. Senior representatives from all three companies also attended the event.
The creation of this collaborative platform will bring together professionals and experts from the financial and technology sectors to foster innovation and knowledge exchange. The initiative will be dedicated to the development of cutting-edge solutions and best practice empowering financial institutions to effectively serve their customers in the digital era.
Noting that this groundbreaking initiative and the establishment of the Centre of Excellence in Abu Dhabi is a testament of their commitment to digital innovation and technological advancement in the financial sector, Dr Hamad Al Ali, CEO of RSP said: “We believe that this partnership with SAP Fioneer will provide us with valuable insights and expertise that will help us to better serve our customers and stay ahead of the curve. By collaborating and sharing knowledge with market leading institutions, the Centre of Excellence will play a vital role in driving the UAE’s digital economy towards a sustainable and innovative future. With its headquarters in Abu Dhabi, the Centre will drive growth and development in the industry across the MENA region and Indian subcontinent. ”
Matthias Tomann, Chairman of SAP Fioneer, said: “We are excited to partner with RSP and MBME to collaborate with the Naqd Group to participate in this unique venture beginning with the Centre of Excellence. Our joint expertise in financial technology and cutting-edge technology will enable us to create pioneering solutions that enhance growth, efficiency, and competitiveness within the financial industry in the region. From an SAP Fioneer perspective it will further strengthen our activities in the region and contribute to adding such specific capabilities to our platform as are required to drive innovation in the MENA region.”
Ali Mohamed AlBadi, Chairman of MBME Group, stated that the Centre will focus on research and development, training and capacity building, and the creation of new products and services. “It will also promote collaboration between fintech companies, financial institutions, and the government sector as well other stakeholders in the financial ecosystem,” he added.
The signing of the MOU marks a significant milestone in the evolution of Naqd Group and MBME Group.
As one of the leading solutions providers and accelerators in the fintech sector, MBME Group is dedicated to innovation and growth within the financial ecosystem. Through this collaboration with SAP Fioneer RSP and the Naqd Group, MBME will expand its knowledge and capabilities, enhance investment and foster technological advancements. Together, this partnership sets the stage for a new era of digital innovation and growth in the financial sector, following the vision of the UAE leadership.
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About SAP Fioneer (www.sapfioneer.com)
Founded in 2021 as a joint venture between the global technology leader SAP and investor DEDIQ, SAP Fioneer’s vision is to build the next generation of financial services software and platforms.
By combining proven world-class technology with development expertise and a broad ecosystem of partners, SAP Fioneer enables banks and insurance companies to transform, grow and differentiate their business while meeting their needs for speed, scalability, and cost-efficiency through digital business innovation, cloud technology, and solutions that cover banking and insurance processes end-to-end. SAP Fioneer has offices and operations spanning the globe and a strong presence in Europe, North and Latin America, and Asia-Pacific.
About Royal Strategic Partners
RSP, an affiliate of Abu Dhabi Capital Group, is a leading holding company with a diversified portfolio of businesses in various sectors, including finance, real estate, and healthcare. With a commitment to excellence and innovation, RSP is dedicated to creating value for its customers and stakeholders, and driving growth and prosperity in the markets where it operates.
About MBME Group (www.mbmegroup.ae)
MBME Group is a leading financial services company in the UAE, comprising a unique fintech ecosystem including MBME Pay, MBME Neo MBME WOW Pay and MBME Ventures. Currently, the Group delivers payment products and services through its secure, scalable, and integrated omni-channel payment technology platforms. The Group has more than 3.2 million customers, over 400 smart touch screens across the UAE and serves leading clients across the public, private and semi- private sectors. MBME listed successfully on the ADX during April 2023.