(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar International Islamic Bank (QIIB) and Mastercard signed a Memorandum of Understanding (MoU) yesterday to establish a strategic partnership. The agreement builds on the long-standing collaboration between the two parties.
In the initial stage, the focus will be on developing the bank's digital channels for international remittances and payments.
The move is part of the digital transformation plan implemented by QIIB in line with Qatar Central Bank's strategy for a comprehensive digital transformation of the banking sector.
This agreement also serves the goal of expanding the bank's customer base through the development of international remittance services.
The Memorandum of Understanding was signed by Dr. Abdulbasit Ahmed Al Shaibei, CEO, QIIB, and Khalid Elgibali, Division President, Middle East & North Africa, Mastercard.
The signing ceremony took place at QIIB headquarters on Grand Hamad Street in Doha in the presence of the bank's senior management and several high-level officials from Mastercard.
Dr. Al Shaibei stated,“We are extremely pleased today to sign this Memorandum of Understanding with such an important and trusted global partner as Mastercard. We would like to thank them for their interest in developing cooperation with us and enhancing it strategically in the coming period.”
He noted,“Our relationship with Mastercard is deeply rooted, and over the years, we have woven a relationship of mutual cooperation with various dimensions. Through this memorandum, we seek to strengthen these working relationships for the benefit of both parties.”
Dr. Al Shaibei said,“The Memorandum of Understanding signed today primarily focuses on the development of our digital channels in the field of international remittances and payments.“We aspire to leverage the advanced solutions provided by Mastercard in this regard and aim to be among the first banks in Qatar to use Mastercard solutions in cross-border remittances, taking us to a new level of operation in this area.”
He continued,“With the signing of this Memorandum of Understanding with Mastercard, a joint workshop will be launched to focus on implementation methods and explore various joint working approaches.“Protocols and specific means of implementation will be formulated by experts from both sides, translating the Memorandum of Understanding into reality and actual existence, which we hope our clients will experience in the foreseeable future.“QIIB has sensed the desire and cooperation from Mastercard to enhance joint work, pushing us to be optimistic about achieving more in the implementation of our digital transformation plans. It shows what we have accomplished in previous years, propelling our operational plans forward and raising the operational efficiency we work towards to exceptional levels.”
Expressing gratitude and appreciation for Mastercard, represented by Khalid Elgibali and the accompanying officials, Dr. Al Shaibei stated,“I am confident that the joint discussions stipulated in the Memorandum of Understanding between QIIB and Mastercard's working team will be successful, contributing to the transition of the negotiation process into implementation.” On the sidelines of the MoU signing ceremony, Khalid Elgibali stated,“Mastercard is pleased to strengthen its long-term partnership with QIIB, a leading bank in Qatar. We look forward to leveraging our cutting-edge technology and extensive experience in cross-border payments to support the bank in providing fast, seamless, and secure remittance services. We are also keen to explore new opportunities for collaboration in areas of common interest to help accelerate the bank's digital transformation journey.”
Emphasising the importance of Qatar as a vital market for Mastercard, he added,“Qatar's dynamic banking sector is undergoing rapid growth and continuous evolution. Mastercard is partnering with leading financial institutions like QIIB to fuel this dynamic digital transformation journey as we work towards a connected, inclusive, and sustainable future.” Reaching 90% of the world's population across 140+ receive markets, Mastercard enables banks to offer their customers a fast and flexible way to send and receive payments internationally. With Mastercard's Cross-Border Services solutions, banks can offer near real-time delivery of international payments in over 50 markets for their individual and small business customers, with the number of markets continuing to grow.
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