Tuum Selected by Uptex Bank to Power E-Banking Expansion in Middle East and Africa - Middle East Business News and Information
Following the recent acquisition of its e-banking license, OBD is launching Uptex Bank, a suite of digital wallet and payment services designed to unify its growing financial ecosystem. This includes Uptex Broker, a forex and CFD broker in MEA, and Rizzbees, its EU-licensed Crypto Exchange Platform. The new proposition will run on Tuum's modular, cloud-native core, deployed via AWS in Europe and purpose-built for scalability, compliance, and rapid go-to-market.
Uptex Bank was looking for a partner who could help them deliver a Minimum Viable Product (MVP) in a very short timeframe without compromising on scale or regulatory readiness. Tuum's approach as a true partner, rather than a vendor, was key to making this possible.
'We're building a unique e-money proposition that brings together traditional and next-gen financial services into one seamless ecosystem,' said Archie Sol, Chief Marketing Officer. ' Tuum stood out as the platform to help us achieve this vision. From their sleek technology to the responsiveness of their team, it was clear that they're not just a vendor—they're a partner. With Tuum, we're not only launching fast, we're building for scale. Uptex Bank is built for people tired of the old way banks treat them. From Gen Z and digital-first users to everyday customers seeking something faster, fairer, and more intuitive. With Tuum's flexible, API-first platform, we're creating a banking experience that's modern, human, and built for how people live now, not how banks used to operate.'
Crucially, Tuum's API-first infrastructure allows Uptex Bank to seamlessly integrate its new e-banking services with its existing brokerage and crypto exchange, enabling a unified, interoperable financial environment across its brands. The solution is fully aligned with Oman's regulatory framework, including requirements from the Central Bank of Oman and the Capital Market Authority. Tuum's technology will also enable OBD to support digital wallets and multi-currency payments (USD, EUR, GBP, AED, OMR, SAR) from day one.
The group expects to onboard more than 50,000 users in its first year, with millions of transactions anticipated across its fintech portfolio.
Uptex Bank selected Tuum through a competitive process, with speed, scalability, and regulatory readiness emerging as key differentiators. With an MVP launch planned within months, Tuum's ability to move fast while delivering enterprise-grade control gave Uptex Bank the confidence to move forward. Beyond the core platform, Tuum also worked closely with Uptex Bank to bring together the right ecosystem partners for the initiative ensuring each aligned with Uptex Bank's specific use cases and business model.
'This is a landmark win for Tuum,' said Miljan Stamenkovic, Chief Revenue Officer at Tuum. ' It shows the rising demand for modern, modular core banking platforms in the Middle East. OBD is building an ambitious and truly differentiated proposition in Oman and we're proud to provide the infrastructure behind it.'
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