The market leaders will collaborate to further strengthen the digital payments ecosystem in the four markets included by the historic agreement: the UAE, Saudi Arabia, Oman, and Egypt.

FAB will be able to expand their ambitions for worldwide market expansion and promote faster growth and innovation in the UAE thanks to the extensive collaboration. Offering the bank's primary consumer, SME, and commercial segments more choice, flexibility, and benefits, the worldwide alliance will bring innovative and revolutionary goods, services, and solutions.

The partners plan to leverage Mastercard's global expertise and the power of its Global Center for Advanced AI and Cyber Technology, located in the United Arab Emirates, to revolutionize customer experience and drive efficiency through the use of new frontier technologies like Artificial Intelligence (AI).

Mastercard and FAB will collaborate as a single team to develop initiatives and strategic programs, with the development of shared value at the center of their partnership. A common focus on long-term strategic growth and deeper daily collaboration are made possible by the new working methods made possible by the strategic partnership.

"FAB and Mastercard are dedicated to leading the way in quality and putting our consumers first in everything we do. As we combine our portfolios, we are excited to strengthen our relationship while utilizing Mastercard's cutting-edge product capabilities, distinctive service offerings, and special collaboration style. "We are thrilled to welcome in this new chapter in order to further digital transformation throughout the region and boost our own growth," stated Futoon Al Mazrouei, FAB's Group Head of Consumer Banking, UAE.

"At Mastercard, we are collaborating with key ecosystem participants to drive economies, increase financial inclusion, and create a sustainable, networked world where everyone can prosper. Our worldwide partnership with FAB is a critical turning point in our mutual innovation and expansion. Mastercard's Division President for the Middle East and North Africa, Khalid Elgibali, said, "We appreciate the bank's partnership and look forward to leveraging our complementary strengths to drive disruption and redefine the payments landscape together."

A long-standing and fruitful partnership between Mastercard and FAB has resulted in the creation of numerous industry- and world-first differentiators for a range of markets, including the region's affluent clientele. The Buy-Now-Pay-Later (BNPL) card from SlicePay was most recently introduced by the two partners under the Dubai First trademark of FAB.

Additionally, FAB has joined Mastercard's Priceless Planet Coalition, a global program that coordinates business efforts to restore 100 million trees in an effort to combat climate change.