Dutch fintech TerraPay announced on Tuesday that it has signed a Memorandum of Understanding with UAE-headquartered Network International.
Both firms will work together to make cross-border payments faster and more seamless across the Middle East and Africa (MEA) region.
As a result of the said partnership with Network International, which is already one of the largest payment solution platforms across the MEA region, TerraPay will expand its reach in the UAE, and gain smooth access to the fast-growing remittance market in the Middle East.
The agreement will also widen TerraPay’s client base to include Network International’s vast B2B partners, including merchants and processing agents.
“This (collaboration) paves the way to foster financial inclusion and independence for customers by offering real-time mobile wallet payments for the very first time in the UAE. Opening up interoperability for mobile wallets is the next big wave in digital payments across the world,” said TerraPay’s Co-founder Ani Sane in a statement.
Network also believes that the deal presents a win-win opportunity for its merchant network. The deal “will help us build a digitally connected payments ecosystem in the region, starting with the UAE,” said Network International’s Group CEO Nandan Mer.
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