Codebase Technologies (CBT), a leading Global Open API Banking Solution provider, and UABdigital, the Ecosystem Digital Transformation arm of the Union of Arab Banks (UAB), headquartered in Lebanon, have entered into a strategic alliance to accelerate UAB member banks’ digital transformation journeys using CBT’s award-winning Digibanc suite.
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Banks and financial institutions in the Middle East and North Africa are hindered by outdated legacy systems that inhibit their ability to evolve their products and services. This results in limited customer access to banking and financial services across geographies, outdated value chains, and widespread financial illiteracy.
The strategic partnership will drive economies of scale for UAB member banks and financial institutions in MENA through its cutting-edge banking-grade technologies and solutions, such as Digital Banking as a Service, frictionless customer onboarding and KYC, automated regulatory reporting, engaging user experiences, and completely digital core systems.Codebase Technologies’ Managing Partner, Raheel Iqbal, applauded the alliance, stating that “this partnership will enable UAB member banks and financial institutions to benefit from digital-first banking in the MENA region through Codebase Technologies mission to further demystify digital financial services.”
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UAB Secretary General Mr. Wissam Fattouh said: “Codebase Technologies is recognized as a leading Global Open API Banking solution provider and has a remarkable team developing and deploying cutting-edge software for financial institutions with commitment to the Arab region, this makes the company an ideal addition to the UAB partners ecosystem, and joining forces will enable us to offer the broadest portfolio of solutions to the benefit of our member banks with the guidance and direction of UABdigital.
We look forward to working closely with CBT to develop value propositions that are both cost and time effective in order to support our members in their open banking mandates”
UAB’s Head of UABdigital, Suleiman Barada, welcomed CBT to UABdigital’s partners ecosystem stating that “the partnership with CBT aims at facilitating the access of our members to CBT’s offerings thereby accelerating the adoption and the deployment of Digital Banks in the Arab region with the underpinning of modularity and speed to ensure sustainability and growth of our member banks in the Digital Era.”
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