RAKBANK and Mastercard strengthen strategic relationship to drive payments innovation

RAKBANK and Mastercard today renewed their collaboration agreement to support continued payments innovation by delivering enhanced solutions across retail, business  and wholesale banking. Building on their long-standing strategic relationship, the move reflects a shared commitment to developing secure and more seamless payment experiences that meet the evolving needs of consumers and businesses in an increasingly digital world.

Mastercard will support RAKBANK in advancing its capabilities across digital transactions, embedded commerce and next-generation payment technologies. The collaboration aligns with the UAE's broader ambition to accelerate digital payment adoption and strengthen the country’s position as a global digital economy hub.

Through in-app controls, customers will be able to personalize their card benefits based on what matters most to them, manage card use and strengthen security with advanced authentication capabilities while helping to reduce reliance on SMS-based one-time passwords. This way, they can enjoy a more seamless banking experience with greater flexibility and confidence.

Meanwhile, companies can benefit from enhanced corporate and commercial card solutions designed to support improvements in expense management, supplier payment efficiencies, cash flow and working capital management.

"Payments are becoming increasingly embedded into people's lives. At RAKBANK, we are dedicated to being present wherever our customers choose to transact, whether in store, online or through emerging digital ecosystems. Together with Mastercard, we will continue co-creating personalized and intelligent payment experiences that reflect our promise of Digital with a Human Touch," said Raheel Ahmed, group CEO, RAKBANK.

"At Mastercard, we are harnessing the power of partnerships with key ecosystem players to drive innovation across the region’s payments landscape. Combining our global expertise and technology capabilities with RAKBANK’s digital and customer-centric approach, our collaboration aims to bring to life enhanced digital products and services designed to make everyday transactions simpler and more rewarding" said Dimitrios Dosis, president, EEMEA, Mastercard.