UAE's largest lender unveils payments subsidiary Magnati - Arabianbusiness
First Abu Dhabi Bank (FAB), the UAE's largest lender, has completed the carve out of its payments business into a fully owned and operational subsidiary.
The new brand name, Magnati, is built around energy, potential and partnerships, and underscores its mission to transform payments into possibilities, FAB said in a statement.
It added that Magnati will be able to unlock new growth opportunities through a focused and agile model, underpinned by an intelligent payments platform that creates value for customer, government, merchant and institutional clients.
This platform will enable clients to grow their core businesses by monetising data and using next generation technologies such as APIs, artificial intelligence and machine learning capabilities to deliver improved experiences and increased efficiency.
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