Hot on the heels of its alliance with London-based Payment Components, Codebase Technologies (CBT) has forged another partnership amid an aggressive expansion plan.
The most recent collaboration, the second this month, is with UABdigital, the ecosystem digital transformation arm of Union of Arab Banks (UAB), a diplomatic non-profit organization headquartered in Lebanon. Almost half a decade old, the UAB has 360 member institutions from the Arab League member states including commercial and investment banks, central banks, local banking associations and financial institutions.
“The partnership with CBT aims at facilitating the access of our members to CBT’s offerings, thereby accelerating the adoption and the deployment of digital banks in the Arab region with the underpinning of modularity and speed to ensure sustainability and growth of our member banks in the digital era,” shared Suleiman Barada, the head of UABdigital.
UAB will also be working with CBT to develop cost- and time-effective value propositions to support its members’ open banking mandates, said UAB Secretary-General Wissam Fattouh.
“Banks and financial institutions in the Middle East and North Africa are hindered by outdated legacy systems that inhibit their ability to evolve their products and services. This results in limited customer access to banking and financial services across geographies, outdated value chains and widespread financial illiteracy,” noted CBT.
Among services that would be offered by CBT through this engagement are digital-banking-as-a-service, customer onboarding and know-your-customer services, automated regulatory reporting and digital core systems. It is learned that CBT is also planning to roll out at least 11 software-as-a-service propositions this year, particularly to serve the Islamic financial sector.