UAE’s Deem Finance LLC engages Network International to issue six new credit cards and loan products
Published On : 5 February 2020
Dubai, 05 February 2020 : Deem, a digitally-led financial services provider, has engaged Network International, the leading enabler of digital commerce across the Middle East and Africa, to enable Deem to issue credit cards and offer loan-based services to existing and potential customers in the UAE.
Deem has come to market with a brand new product set which includes cutting-edge digital services and cardholder communications tools.
This collaboration builds on Network’s significant experience in providing end-to-end card and installment plan lending solutions to financial institutions in the region. Leveraging Network’s established payment infrastructure and its value-added revenue generating and risk management services frees Deem from managing the mechanics of card processing. This allows Deem to focus on differentiating itself as a leading digital player in the lending market, without operational card management overheads.
“The key drivers that influenced the choice of Network as Deem’s processing partner were the advanced API interfaces that Network offers its customers, its online/real-time card processing service, and a very short timeframe needed to launch the first set of six new Deem Credit Cards into the market. These cards provide the customer with true value and put them in control of their spending and earnings,” said Alex Kim, CTO, Deem Finance. “We set some very challenging targets when it came to product delivery within 2019, and Network was able to meet them. Our new products are live, and we will be completing all our set up and data migration activities shortly.”
Deem is backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises LLC and provides financial support to individuals through credit cards, loans, and corporate deposits. The company has loans and advances of over AED 1 billion in addition to deposits, and its offering is powered by a user-friendly digital platform, geared towards the customer experience.
Network International provides payment solutions to over 220 financial institutions in the MEA region. The company’s end-to-end card solution for Deem includes high-quality value-added services such as 3D Secure, Easy Payment Plans (EPP) at points of sale, Card Control and loyalty services. Network will also offer Deem the capability to issue cards immediately in digital format for Google Pay and Apple Pay, thus supporting Deem’s objective 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 recognised this when it came to selecting an outsourced service provider with the capability to really help them grow their business. The UAE is among the fastest-growing digital payments markets in the world and we remain committed to delivering innovative and secure payment products and services to support clients such as Deem as they create a very specific role for themselves within the domestic and regional payment ecosystems.”