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India’s Pine Labs, a merchant commerce omnichannel platform, has opened its regional office in the UAE, and will partner with local banks and financial institutions in the region as part of their expansion plans.
UAE banks will benefit from Pine Labs’ range of services, such as seamless tech integrations, faster product delivery for banks, thus meeting growing customer needs in the region.
UAE: A leader in technological advancements
Pine Labs chief business officer Kush Mehra said the expansion comes after the UAE’s notable emergence as a “leader in technological advancements.”
“In 2022 a Digital Economy Strategy was announced in UAE to double the contribution of the digital economy to the national GDP within the next 10 years,” showing that the UAE is taking “rapid strides towards all-things digital,” Mehra said.
He added: “We wanted to be part of this digitalisation journey by partnering with banks and brands in the region to empower them with the best digital payment solutions and omnichannel commerce for their customers.”
Pine Labs’ Mehra also lauded the Emirates’ efforts for staying a “step ahead” in all things digital and technology adoption. He added that financial technology or fintech, as it is known, is one key area where the “UAE has done a lot but can do more and will do more.”
Targeted at fintech in the UAE
Echoing the same sentiment, Sumit Mittal Pine Labs’ SVP and head of Business said: “All the checkboxes tick with UAE’s potential to emerge as a major fintech hub in the world. A young and internet-savvy population that continues to adopt digital payment technologies, and renewed interest from large enterprises, major brands, top banks and most important the government to go digital.”
He added that the UAE has left no stone unturned in “building a conducive business environment where fintech companies” can invest in.
New partnership
Adding to its expansion, Pine Labs also announced a new partnership with well-known jewellery brand Kalyan Jewellers.
“Kalyan Jewellers Group is happy to engage with the leading fintech company, Pine Labs in India and the UAE to leverage their payment solutions expertise for improving customer experience in retail showrooms,” Kalyan Jewellers’ executive director Ramesh Kalyanaraman said.
Mehra also added that Pine Labs is in talks with “major banks” in the region.
“[We] are aware of their intent to digitise their various customer touchpoints. The recent successful pilot of the Central Bank Digital Currencies (CBDC) is one good example of the intent to move towards a digital economy where fintech will play an instrumental role,” he said.
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