DUBAI, United Arab Emirates--(BUSINESS WIRE)--Noor Bank, a leading Shari’a compliant Bank in the UAE, announced today that it has collaborated with UB QFPay, the joint venture between Dubai-based United Brands (UBPAY) and China-based QFPay, to bring a new and innovative mobile payment solution to the UAE. The solution, a first of its kind in the region, will enable tourists as well as overseas visitors to make payments at retail outlets in the UAE using multiple international mobile wallets from various markets. Noor Bank will handle all transaction settlements for the solution as part of its collaboration.
As part of the initiative, UB QFPay will allow retail outlets within the UAE to accept secure payments from tourists who wish to pay for their purchases from their preferred mobile wallets. UBPAY is currently live at a number of retailers in the UAE that are frequented by Chinese tourists.
Speaking about the partnership, John Iossifidis, CEO, Noor Bank said, “I am proud of the collaborative efforts between UB QFPay and our Global Transaction Services (GTS) team to introduce a new payment solution in the market. As an innovative and ground-breaking service, the solution will allow overseas visitors to use international mobile wallets for the purchase of goods and services in UAE, for the first time. This partnership is well aligned to the strategic focus of the bank on delivering an enhanced customer experience through digital transformation.”
On his part, Mr. Ahmed Alrafi, Managing Director, UB QFPay said, “Chinese tourists are a huge segment for retailers in the UAE, who have focused on attracting more Chinese shoppers to their stores and UB QFPay makes them ‘China Ready’ by allowing Chinese tourists to pay with their preferred mode of payment. This is only the start for us, as we add acceptance of more wallets to UB QFPay in the coming months.”
About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by a Fatwa and Shari’a Supervisory Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
About UB QFPay
UB QFPay is the joint venture between Dubai-based United Brands (UBPAY) and China-based QFPay. UBPAY, a Payment Service Provider (PSP) licensee of the Department of Economic Development in Dubai, and QFPay, the leading global mobile payment technology and big data solution company from China, have formed this joint venture to redefine the mobile payment landscape across UAE by offering secure mobile payment solutions to local merchants which target the growing number of Chinese and Asian tourists in the region. This is the first joint venture of its kind in UAE.