Shariah compliant Ajman Bank is expanding its digital payment services in collaboration with payments-as-a-service (PaaS) platform KMMRCE Pay.
The UAE Islamic bank entered an agreement with KMMRCE Pay which would also allow the PaaS platform to operate across the UAE, supported by Ajman Bank’s compliance and regulatory framework.
“Working closely together with Ajman Bank, we can now offer a one-stop-shop to digitally onboard and propel fintech payment companies launching a financial program in the UAE,” according to Justin Henry, KMMRCE Pay’s executive director.
KMMRCE’s single turnkey PaaS tech stack incorporates issuing, acquiring and direct-to-scheme processing. The capabilities provided include point-of-sale and e-commerce acquiring services, enhanced issuing, API-based solutions and instant issuing kiosks.