Merchant commerce omnichannel platform, Pine Labs announced that it has entered the United Arab Emirates (UAE) market.
Pine Labs will partner local banks and financial institutions in the region “to help them serve their merchant partners better.”
Banks in the UAE will “benefit from a simple and easy-to-use technology stack that Pine Labs offers to build innovative products into consumer journeys.” Pine Labs has existing partnerships “with large banks in India and Southeast Asia and has enabled world class point-of-sale payments infrastructure for the customers of these banks.”
Local incumbent banks in the UAE will “get seamless tech integrations that Pine Labs is known to deliver at speed and scale.” Such partnerships are “expected to fasten product delivery for these banks and help them introduce quality fintech products to meet the growing needs of their customers.”
Kush Mehra, President & CBO, Pine Labs, said:
“Happy to be here with our team in UAE and set to motion what I believe will be a promising new market for us. Our smart point-of-sale tech stack is built for scalability and efficiency and is used by large banks in India and Southeast Asia. We believe UAE banks are keen to deliver value to their merchant partners and are looking for smarter tech integrations that end up elevating the experience for their customers. We look forward to working closely with banks and brands in the region and deliver the best technology outcomes for them.”
A new Pine Labs office “at Emaar Business Park, Sheikh Zayed Road, Dubai, was also inaugurated by Pine Labs’ Senior Leadership.” Pine Labs has also “announced its partnership with Kalyan Jewellers which has a significant presence across the UAE and is a well-known brand among India’s expat community in the region.”
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, said:
“Kalyan Jewellers Group is happy to engage with the leading fintech company, Pine Labs in India and the UAE to leverage their payment solutions expertise for improving customer experience in retail showrooms. We congratulate the Pine Labs team on the inauguration of their new office in Dubai and look forward to expanding and deepening our engagement levels.”
In 2021, the share of cash payments in overall transactions “declined from 69 percent to 20 percent in UAE.”
With consumer preference shifting to digital modes of payment, banks in UAE are experiencing growth “in revenues amid the ongoing wave of digital transformation.”
As noted in the update, Pine Labs is “a leading merchant commerce omnichannel platform operating across India and Southeast Asia.”
Pine Labs’ tech-first approach “to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale.”
In digital payments, their online payments cloud-based software Plural “represents a one-stop payments destination across channels.”
Plural is designed “to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up.”
In consumer app, Fave is “a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.”
Incorporated in Singapore, the key investors of Pine Labs “include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.”