Saturday, April 13, 2024
Editor's PickMasraf Al Rayan forms fintech partnership with KARTY

Masraf Al Rayan forms fintech partnership with KARTY

Qatari Islamic bank Masraf Al Rayan (MAR) has signed an MoU with fintech start-up KARTY to jointly deliver digital finance solutions.

According to a statement, both entities will pool their resources to enhance fintech developments and empower individuals with the knowledge and tools to make informed financial decisions.

“By combining our comprehensive expertise with Karty’s advanced technology, our goal is to enhance the future of the fintech sector. We are fully committed to introducing significant improvements that will positively impact the lives of individuals and customers,” commented Rana al-Asaad, MAR’s general manager of retail and private banking.

Founded in 2021 by Mohammed Suleiman and Abdulaziz Al-Marri, KARTY provides basic banking products through its digital app, along with budgeting features. Supported by Qatar Fintech Hub and Qatar Financial Center, the start-up raised US$1.2 million in pre-seed funding last July. Visa, Qatar Development Bank, Qatar Foundation and Qatari angel investors participated in the funding round.

Describing the partnership as a new chapter for KARTY, co-founder Mohammed said: “This collaboration is a significant milestone for Karty as we strive to empower individuals with the knowledge and tools to confidently manage their financial matters. We are confident that Masraf Al Rayan’s extensive expertise and resources will accelerate our growth and enable us to deliver even greater value to our clients. By joining forces, we aim to drive fintech innovation, enhance customer experiences, and shape the future of the financial landscape.”

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