RAKBANK and Pine Labs Join Hands to Launch the Most Innovative Payment Platform in the UAE

NEW DELHI, February 3, 2019 /PRNewswire/ --

RAKBANK's partnership with Singapore-based Pine Labs, a merchant platform company that provides financing and last-mile retail transaction technology, will launch in the second quarter of 2019 an extremely innovative and unique payment platform in the UAE, which aims to transform the payment landscape in the region. The partnership is the first of its kind and will convert the 'point of sale' terminals into a 'point to acquire and engage' customers by offering a host of value-added services such as instant instalments, access to diverse rewards & loyalty programmes, top-ups, bill payments, instant discounts, campaign management, electronic-KYC, and more.

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The agreement was signed by Frederic de Melker, Managing Director of Personal Banking at RAKBANK, and Kush Mehra, Chief Business Officer at Pine Labs in the presence of Simanta Das, Head of MEA Region at Pine Labs and Nishit Doshi, Head of Merchant Acquiring & Commercial Cards at RAKBANK.

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, commented on the signing: "RAKBANK is fully committed to placing our customers' needs first and providing them with highly convenient, secure, and simple payment solutions through this first of its kind exclusive partnership with Pine Labs. RAKBANK is constantly introducing new, alternative mediums and platforms that can facilitate the customer's banking experience through innovative payment solutions."

"Both RAKBANK and Pine Labs are committed to solving merchants' problems and offering them innovative solutions to grow and sell more. While the cashless payment acceptance space in UAE is robust there is still room for growth in terms of offering value added services such as consumer financing, loyalty programs, and customer analytics via a unified platform. Our partnership with RAKBANK will address this need," commented Kush Mehra, Chief Business Officer of Pine Labs.

About RAKBANK             

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

About Pine Labs

Pine Labs is incorporated in Singapore and has its largest operations in India. It is a merchant platform company that provides financing and last-mile retail transaction technology. Pine Labs' offerings are currently used by over 1,00,000 merchants in 3700 cities and towns across India and Malaysia. Its investors include Sequoia Capital, PayPal, Temasek, Actis Capital and Altimeter Capital. To know more, please visit www.pinelabs.com