Ajman Bank, Magnati team up to foster digital payment services

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Ajman Bank has entered into a strategic partnership with Magnati to boost the digital payment capabilities of its corporate and business banking clients, according to a press release.

Through this collaboration, the DFM-listed lender will leverage Magnati’s merchant acquiring services to offer secure payment solutions for both online and in-store payments.

By integrating Magnati’s expertise in payment processing with the bank’s banking infrastructure, clients can access a more streamlined and efficient payment experience.

Mustafa Al Khalfawi, CEO of Ajman Bank, said: “Our collaboration with Magnati will enable us to offer our corporate and business banking clients with state-of-the-art technology and innovative payment solutions. It aligns with Ajman Bank’s strategic vision of fostering innovation and embracing cutting-edge technologies to push boundaries of excellence.”

Ramana Kumar, CEO of Magnati, commented: “Our solution is designed to offer improved experiences and increased efficiency with fast, secure and convenient payment options. With a vast network of partners and state-of-the-art platform, we ensure an efficient connection across the ecosystem.”

Ajman Bank recently integrated the Jaywan card, launched by Al Etihad Payments, acceptance across its ATM network.

In the first quarter (Q1) of 2024, the bank’s net profits increased to AED 107.42 million from AED 49.15 million in Q1-23.