Royal Strategic Partners (RSP), representing Naqd Group, SAP Fioneer GMBH and MBME Group have signed a Memorandum of Understanding (MOU) to establish a joint venture to create a Hub promoting digital innovation and technological advancement in the rapidly emerging digital economy across the MENA region and Indian sub-continent. A new “Centre of Excellence” based in Abu Dhabi is the first element of the Hub focusing on the Banking, Investment, Insurance and related financial services industries.
The MOU was signed by Matthias Tomann, Chairman of SAP Fioneer, Dr. Hamad Al Ali, CEO of RSP, and Ali Mohamed AlBadi, Chairman of MBME Group, at a ceremony held at RSP’s headquarters in Abu Dhabi. Senior representatives from all three companies also attended the event.
The creation of this collaborative platform will bring together professionals and experts from the financial and technology sectors to foster innovation and knowledge exchange. The initiative will be dedicated to the development of cutting-edge solutions and best practice empowering financial institutions to effectively serve their customers in the digital era.
Noting that this groundbreaking initiative and the establishment of the Centre of Excellence in Abu Dhabi is a testament of their commitment to digital innovation and technological advancement in the financial sector, Dr Hamad Al Ali, CEO of RSP said: “We believe that this partnership with SAP Fioneer will provide us with valuable insights and expertise that will help us to better serve our customers and stay ahead of the curve. By collaborating and sharing knowledge with market leading institutions, the Centre of Excellence will play a vital role in driving the UAE’s digital economy towards a sustainable and innovative future. With its headquarters in Abu Dhabi, the Centre will drive growth and development in the industry across the MENA region and Indian subcontinent. “
Matthias Tomann, Chairman of SAP Fioneer, said: “We are excited to partner with RSP and MBME to collaborate with the Naqd Group to participate in this unique venture beginning with the Centre of Excellence. Our joint expertise in financial technology and other cutting-edge technologies will enable us to create pioneering solutions that enhance growth, efficiency, and competitiveness within the financial industry in the region. We truly believe this will further strengthen our activities and contribute to the advancement of our capabilities that are positioned to drive innovation in the MENA region.”
Ali Mohamed AlBadi, Chairman of MBME Group, stated that the Centre will focus on research and development, training and capacity building, and the creation of new products and services. “It will also promote collaboration between fintech companies, financial institutions, and the government sector as well other stakeholders in the financial ecosystem,” he added.
The signing of the MOU marks a significant milestone in the evolution of Naqd Group and MBME Group.
As one of the leading solutions providers and accelerators in the fintech sector, MBME Group is dedicated to innovation and growth within the financial ecosystem. Through this collaboration with SAP Fioneer RSP and the Naqd Group, MBME will expand its knowledge and capabilities, enhance investment and foster technological advancements. Together, this partnership sets the stage for a new era of digital innovation and growth in the financial sector, following the vision of the UAE leadership.
