areeba & Foo Announce Strategic Partnership to deliver advanced digital payment services for the Middle East
areeba, a global leader in payment infrastructure, has partnered with Foo, a pioneering provider of digital banking and fintech solutions, to introduce a fully integrated – program for digital services. This bundled offering enables banks and fintechs to build their own secure and scalable card programs and wallets without the need for complex infrastructure.
This partnership brings together areeba's modern card issuance platform and Foo's digital capabilities into a seamless solution, combining secure digital onboarding, e-KYC, and tokenization for Apple Pay and Google Pay. By unifying physical and digital issuance tools, the partnership removes traditional barriers and accelerates go-to-market timelines.
The program is designed for financial institutions looking to launch modern, compliant, and top-of-wallet card products with speed and flexibility.
Maher Mikati, CEO of areeba, commented: 'By integrating our card issuance infrastructure with Foo's onboarding and tokenization services, we're giving institutions the tools to launch innovative card programs quickly and securely. This partnership reflects our commitment to simplifying how institutions enter and grow within the digital payments space.'
'As demand grows for digital first issuance, our collaboration with areeba delivers a complete CaaS solution that streamlines complexity and enables institutions to scale efficiently,' said Ghady Rayess, CEO of Foo. 'This partnership reflects our shared vision of simplifying how digital financial products are built and delivered without compromising on performance, compliance, or customer experience.'
The partnership reflects areeba and Foo's shared commitment to building adaptable, secure, and future ready infrastructure that supports the evolving needs of financial institutions in the Middle East & Arab Region.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
4 days ago
- Khaleej Times
Still carrying cash? Over 90% of small businesses in UAE accept digital payments
Before most of the city is awake, Deira is already moving — loud, fast, and still dealing mostly in cash. At the fish market just off Palm Deira Metro Station, the floor is slick with ice water and fish scales. Crates rattle open to reveal hammour and kingfish, striped yellow-like brush strokes. Prawns are stacked like glass, still twitching. The air smells like diesel and salt. Vendors shout in Malayalam, Arabic, and Hindi. Restaurant buyers haggle in half-sentences. A five-dirham note flutters from a pocket. No one's tapping. No one's scanning. And yet, just 20 minutes away, the future is already here. Inside a DIFC café lined with concrete and chrome, a woman in a tailored blazer taps her Apple Watch to pay for a flat white. A sign by the register reads: Contactless only. This is the UAE in 2025: one of the most digitally connected economies in the world, and yet still tethered, in many ways, to the physical currency it's preparing to leave behind. With the goal of becoming 90 per cent cashless by 2026, the country is racing towards a financial future few others have come close to reaching. In many ways, it's already there. Digital wallets are everywhere — Apple Pay, Samsung Pay, Google Pay, Careem Pay, PayBy. Contactless transactions are now so embedded in daily life that younger residents joke they haven't touched an ATM in years. Whether for groceries in Sharjah or a mani-pedi in Jumeirah, tap-to-pay is the new normal. The scale of adoption is massive. Mastercard's latest SME Confidence Index shows that 92 per cent of small- and medium-sized businesses in the UAE now accept digital payments, and many have dropped cash altogether. Eighty-three per cent of businesses say they're upgrading payment systems to keep up with customer expectations. Even in areas traditionally slower to adopt tech — tailoring shops, barbers, mom-and-pop groceries — cashless tools are creeping in. In Karama, several businesses that once only took cash now have QR codes on the counter or card machines behind them. It's less about pressure and more about practicality; once enough customers stop carrying bills, there's not much choice but to adapt. Visa's Value of Acceptance study backs that up — more than 70 per cent of the UAE merchants surveyed said they saw increased revenue and higher customer footfall after accepting digital payments. Salima Gutieva, Visa's vice president and country manager for the UAE, said small businesses often stick to cash because of 'perceived customer preference and limited payment infrastructure.' But she points to tools like Visa Direct, Tap to Phone, and Click to Pay as helping merchants overcome those hurdles. 'Education on the security and efficiency of these methods is helping more businesses see digital payments as a critical investment in growth.' The UAE Central Bank introduced a regulatory framework that allowed non-bank payment service providers to operate alongside traditional banks — a pivotal move that formally brought fintech firms into the country's financial system. It enabled services like mobile wallets, QR-code payments, and peer-to-peer transfers to scale legally. To keep pace, the Central Bank also launched sandbox environments — controlled settings where fintechs can test new products with regulatory oversight before going to market. Together, these steps have helped create a safer, more open digital payment ecosystem. It wasn't just organic growth — it was engineered. Dubai's digital authority, Smart Dubai, laid out a formal Cashless Framework, mapping the steps to a fully digitised economy. The plan starts with government services —making everything from utility bills to traffic fines payable only through digital channels. Need to renew a driver's licence or pay a parking ticket? You do it through an app or online portal. From there, the framework builds out secure 'rails' connecting banks, telecom providers, and private payment platforms. The goal is a system that's not just faster, but traceable, standardised, and built for scale. Hamad Obaid Al Mansoori, director-general of Digital Dubai, in a public statement, put it simply: 'Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination.' And it's already paying off. According to the Emirates News Agency, the UAE's payments revenue pool is projected to hit Dh27.3 billion by 2028, fuelled by fintech growth and digital adoption across the public and private sectors. Government estimates also suggest the cashless transition could unlock more than Dh8 billion in additional economic growth annually. Still, for all the sleek infrastructure and tap-to-pay ease, cash hasn't exactly vanished. Not yet. According to Visa's Where Cash Hides report, 23 per cent of transactions in the UAE are still made in cash — mostly peer-to-peer moments like tipping valets, splitting bills, or paying for informal services. But even that number comes with nuance: 61 per cent of respondents said only one or two of their last 10 purchases were in cash. Just 3 per cent said all 10 were. Where notes are needed According to Gutieva, the cash that remains in circulation is mostly used in specific settings — like open-air markets, taxis, and informal exchanges between friends. She says it often comes down to habit or the belief that cash is quicker and more widely accepted, especially in places where digital options aren't yet the norm. 'While the UAE is advancing towards a cashless society, we still see cash usage in certain segments. This is often due to habit, the belief that cash is quicker, or retailers still only accept cash,' Gutieva said. At the same time, Gutieva points to several forces pushing adoption forward. 'Positive factors driving digital adoption include the UAE government's progressive vision, widespread smartphone use, and the popularity of ecommerce,' she said. 'Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience.' Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience" Salima Gutieva, Visa Still, that lingering reliance on cash — and what it reveals about behaviour, access, and trust — is something economist Jeremy Srouji has spent years studying. A PhD candidate in international economics at Université Côte d'Azur and the International Institute of Social Studies at Erasmus University, his work focuses on how digital payment ecosystems emerge and evolve in cash-reliant economies like the UAE. 'The move to a cashless economy is a global trend,' Srouji said. In the UAE, it's been accelerated by deliberate policy shifts — especially when the Central Bank opened the market to non-bank payment service providers, breaking open what had long been a bank-dominated space. 'This was a catalyst for diversifying the sector with mobile payments, peer-to-peer transfers, but also the lucrative online payment space.' But Srouji cautions that we shouldn't rush to call this a 'cashless' society. 'It is probably a misnomer to speak of a 'cashless economy',' he said. 'An advanced digital payments ecosystem is probably the better term, but unfortunately the marketers won that battle.' While digital payments have surged, cash hasn't exactly disappeared. He argues that cash levels have been consistently on the rise in the UAE, even as cash transactions have declined in favour of digital payments. Why? 'In a modern financial economy, there is essentially no scenario in which cash, which is central bank money, can be eliminated,' he explained. 'This is because central bank money is the ultimate guarantor of the commercial bank money — the loans, deposits, and credit instruments managed by the private banking system.' He continued: 'In a healthy, diversified, and growing economy such as the UAE, cash-in-circulation, that is cash outside of the banking system, will tend to increase alongside digital payments, in parallel with the expansion of credit, investment, and consumption.' And while policymakers often cite the shadow economy as a reason to eliminate cash, Srouji says the link isn't so simple. 'The argument is often made that eliminating cash will help to reduce the footprint of the shadow or grey economy,' he said. 'While I would agree, the matter is not as clear cut as it first appears.' He referenced a 2020 study by Cohen, Rubinchik & Shami, which 'showed that such initiatives may backfire, pushing actors in the shadow economy — particularly well-organised criminal networks — to go to more extreme lengths to launder money into the formal economy, with potentially more dangerous outcomes.' Instead of phasing out cash to crack down on crime, Srouji suggests it's more effective to focus on strengthening the UAE's existing anti-money laundering and financial crime regulations. The country has already made progress in that area, he said, and allowing cash and digital payments to exist side by side — with strong oversight — is likely a more balanced and secure approach. When it comes to financial inclusion, Srouji's stance is clear. 'If not enshrined in a comprehensive financial inclusion strategy, it can be argued that going cashless is a catalyst for financial exclusion,' he wrote. 'Truly cashless economies — such as Sweden, and South Korea — are a rarity, with low levels of inequality, where all adults have access to a basic bank account and digital payment instrument, and where the right to hold an account is often enshrined in law.' He added: 'The UAE context is different, with a rich diversity of cultures that have distinct spending and technology habits.' One key distinction, he noted, is the sheer volume of outgoing remittances by migrant workers — many of whom still rely on cash due to gaps in digital infrastructure at the receiving end. 'Some remittance corridors will always be cash-reliant, as long as digital financial services are not available at both ends of these corridors.' In simpler terms: even if a foreign worker in Dubai can send money digitally, it doesn't help if their family back home can't receive it the same way. Until both sides of the transaction are online, cash will still have a role to play. Srouji sees the UAE's digital currency experiments as a key part of making the shift to a cashless economy more inclusive. 'The question of financial inclusion is a critical one, and is the reason why, faced with the decline in cash transactions, central banks around the world are exploring central bank digital currency (CBDC) as a new form of central bank money,' he said. 'The UAE has participated in some major global CBDC initiatives, including Project Aber and Project mBridge,' he added. Aber — a joint pilot with Saudi Arabia — tested how digital currencies could be used for cross-border settlements. mBridge expands that vision, bringing together central banks from Asia and the Middle East to build a shared platform for real-time international payments. 'Depending on the model adopted, a CBDC ecosystem can provide for end-users to hold accounts directly at the central bank, which would help promote financial inclusion.' But while CBDCs aim to rebuild the architecture of the financial system, companies like Visa are focused on immediate impact. That means expanding digital payment tools into sectors where cash still dominates — and making them accessible, reliable, and secure. 'SMEs are the backbone of the UAE's economy,' said Gutieva. 'The fact that 92 per cent of these businesses are cash-free indicates a strong readiness for a digital economy… that's where the shift happens — and that's how we help the UAE meet its cashless goals.' Getting to a cashless economy isn't about one breakthrough. It requires coordination across policy, infrastructure, and user behaviour — at every level of the system. And maybe, one morning in Deira, the fish will still be fresh, the shouting still loud, the scales still wet — but the payment? That might just be a tap.
Fintech News ME
26-05-2025
- Fintech News ME
areeba and Codebase Technologies Partner to Expand Digital Banking in the Middle East
areeba, a payment processing service provider based in the UAE, has partnered with Dubai-based digital banking solutions company Codebase Technologies to support the rollout of Banking-as-a-Service (BaaS) solutions across the Middle East. The collaboration is intended to help banks and fintechs launch modern digital financial products and services more efficiently. By combining Codebase Technologies' cloud-native SaaS platform with areeba's payments infrastructure, the partnership offers an end-to-end solution for digital banking and card issuance. The integrated approach is designed to reduce time to market, support financial inclusion efforts, and drive innovation in the region's digital finance sector. Maher Mikati, CEO of areeba, said: 'By partnering with Codebase, we're combining strengths to expand digital access and create more agile, impactful offerings for banks and fintechs across the region.' The growth of BaaS in the Middle East is being shaped by rapid digital adoption, a predominantly young population, and the rising popularity of fintech solutions. With around 60% of the population under the age of 25, the region is seeing increased demand for tech-enabled financial services. This shift has encouraged both governments and financial institutions to explore scalable digital platforms to meet changing expectations. Tamer Mauge, Managing Director – MENA at Codebase Technologies, added: 'Our Digibanc™ platform was built to deliver the flexibility, scalability, and speed that today's digital financial institutions demand. We're excited to partner with areeba, to help accelerate digital banking innovation across the region.' The collaboration represents an effort to simplify the process for financial institutions to enter the digital space, offering a cost-effective and scalable way to build and expand digital banking capabilities.
Fintech News ME
26-05-2025
- Fintech News ME
Zoho and areeba Partner to Support Business Digitalisation in the Middle East
Zoho, a global technology company based in India, and areeba, a payment processing service provider based in the UAE, have announced a partnership aimed at accelerating the digital transformation of businesses across the region. As part of the collaboration, Zoho will allocate up to US$5 million in wallet credits to support areeba's business clients in the UAE, Qatar, Iraq, Jordan, Egypt and Lebanon. These credits will allow businesses to access Zoho's suite of more than 55 cloud-based applications. The tools offer a centralised and secure platform to help manage business operations such as invoicing, payments, customer relations and workforce administration. By combining areeba's payment solutions with Zoho's software ecosystem, the partnership aims to equip businesses with enterprise-level tools to improve operational efficiency and support long-term development. 'Through areeba's reach, we are bringing Zoho closer to the heart of business communities across the region. This collaboration breaks down barriers to technology and empowers more organisations to modernise with confidence. It is a powerful step in our mission to grow sustainably by staying locally rooted and globally connected,' said Prem Anand Velumani, Associate Director, Strategic Alliances, Zoho Middle East and Africa (MEA). 'We are excited to partner with Zoho to bring added value to our customers by combining robust financial technology with world-class business software,' said Maher Mikati, CEO, areeba. 'This partnership is a major step forward in our mission to empower businesses with innovative, localised solutions,' he added. The partnership is expected to launch in the coming months and will offer joint onboarding assistance, educational webinars and custom packages suited to various types of businesses.
