UAEs Deem Finance LLC engages Network International to issue six new credit cards and loan products
Deem, a digitally-led monetary services provider, has engaged Network International, the leading enabler of digital commerce throughout the Middle East and Africa, to allow Deem to issue credit cards and provide loan-based services to present and potential customers in the UAE.
Deem has come to market with a brand new product set which consists of latest digital services and cardholder communications tools.
This collaboration builds on Networks considerable experience in offering end-to-end card and installment plan lending solutions to financial institutions in the region. Leveraging Networks set up payment infrastructure and its value-added revenue generating and risk management services frees Deem from managing the mechanics of card processing. This enables Deem to focus on differentiating itself as a main digital player in the lending market, besides operational card management overheads.
The key drivers that influenced the preference of Network as Deems processing partner have been the superior API interfaces that Network provides its customers, its online/real-time card processing service, and a very brief timeframe wanted to launch the first set of six new Deem Credit Cards into the market. These cards provide the customer with actual value and put them in control of their spending and earnings, stated Alex Kim, CTO, Deem Finance. We set some very difficult aims when it came to product shipping within 2019, and Network was able to meet them. Our new products are live, and we will be finishing all our set up and information migration activities shortly.
Deem is backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises LLC and offers monetary support to individuals via credit cards, loans, and corporate deposits. The organization has loans and advances of over AED 1 billion in addition to deposits, and its offering is powered by a hassle-free digital platform, geared towards the customer experience.
Network International offers payment options to over 220 financial institutions in the MEA region. The companys end-to-end card solution for Deem consists of excellent value-added services such as 3D Secure, Easy Payment Plans (EPP) at points of sale, Card Control and loyalty services. Network will also provide Deem the capability to issue cards without delay in digital format for Google Pay and Apple Pay, thus assisting Deems goal of becoming a leading digital player.
Samer Soliman, Managing Director - Middle East, Network International, said: Network is a trusted local processing partner in the region, and we are delighted that Deem has acknowledged this when it came to selecting an outsourced service provider with the capability to really assist them grow their business. The UAE is among the fastest-growing digital payments markets in the world and we continue to be dedicated to delivering innovative and secure payment products and offerings to help consumers such as Deem as they create a very unique role for themselves within the domestic and regional payment ecosystems.
