FAB, Magnati, and PayRow Net join forces to create a payment solution for Dubai’s Ports Sector
Digital payments ecosystem for the Ports, Customs and Free Zone Corporation (PCFC) will boast an advanced customer payment journey and contribute towards Dubai’s smart city vision
Abu Dhabi, 29 December 2022: First Abu Dhabi Bank (FAB) with the support of its affiliate, Magnati, is collaborating with PayRow Net through the Ports Customs and Free Zone Corporation (PCFC) to establish a best-in-class digital payment platform to spur Dubai’s shift towards becoming a cashless economy.
The new payment ecosystem is set to transform the existing payment gateway, leading to an advanced customer payment journey and improved user experience.
Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified, and secure manner. The streamlining and automating of revenue collection will also help government entities to better plan and forecast as well as focus on their core business and services.
To improve the delivery of services, the platform enables users to make payments for government services through a variety of digital methods, including point of sale transactions, card payments and digital wallets. Additionally, FAB in collaboration with PayRow will issue co-branded prepaid cards to promote seamless and secure payments.
Mustafa Al Khalfawi, Head of Global Banking UAE & Global Head of Government, Sovereigns & Public Sector at FAB said: “We’re delighted to partner with PCFC to offer a seamless solution and establish a best-in-class digital payment platform. FAB’s holistic commitment to technology ensures we keep pace with innovation thereby empowering our partners to grow their digital capabilities.”
Ramana Kumar, Chief Executive Officer of Magnati, said: “Magnati is excited to support FAB in its collaboration with Dubai Ports and PayRow Net to usher in the next era of digital payments infrastructure. This collaboration combines FAB’s technological expertise and Magnati’s payment know-how to transform Dubai Ports’ payment platform and in turn support Dubai’s transition to a cashless economy.”
As Dubai consistently ranks as the smartest city in the Middle East and North Africa, smart payment technology such as this new ecosystem will continue to play a critical role in achieving the smart vision of the city alongside Dubai’s shift towards becoming a cashless economy.
The new payment platform is a continuation of the efforts in Dubai to advance the payments landscape across areas which cover civic and government domains such as utilities, transport, logistics, social services, healthcare, and public convenience.
Ghanim Bin Wogayeh, CEO of PayRow Net said: “We are delighted to be collaborating with FAB with the support of its affiliate, Magnati, to expand our payments services by providing an enhanced solution that improves the customer journey. This partnership showcases our commitment to deliver best-in-class digital payment solutions in line with Dubai’s shift to a cashless economy.”
PayRow Net Payment Services and Technologies Solutions LLC is a subsidiary of the Ports Customs and Free Zone Corporation (PCFC) and, and by engaging with third party payments services providers, is facilitating access to a wide range of online payment methods such as online banking, credit cards, debit cards, e-wallets, cash invoices, and more. These methods not only improve customer experience but also ensure customer transactions are made safely and securely.
ABOUT FIRST ABU DHABI BANK (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s focus is to create value for its employees, customers, shareholders and communities to grow through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
With total assets of over AED 1.1 Trillion (USD 312 Billion) as of September-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively – the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com.
Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing and acquiring processing.
Magnati provides government, merchant and institutional clients with an intelligent payments platform that uses next generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.
Headquartered in Abu Dhabi, Magnati’s expertise and relationships provide a platform for Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.
Visit Magnati.com for more information.