Financial Technology

FAB, Magnati and RAK Govt join hands to launch RAK Pay

By Leandra Monteiro


  • Cashless Economy
  • Digital Payments
  • Fab

Magnati, FAB, RAKFirst Abu Dhabi Bank (FAB) and Magnati have signed a partnership agreement with the Ras Al Khaimah (RAK) Government to establish a digital payment ecosystem, in line with the emirate’s vision to promote a digital economy.

To be launched as RAK Pay, the omnichannel platform aims to transform existing payment gateway revenue collection tools by providing an enhanced solution that transforms revenue collection and improves the customer payment journey.

RAK Pay will broaden the number of payment channels and services for users by accepting major card schemes for fee payments. Additionally, FAB and Magnati will provide the RAK Government with their own co-branded prepaid cards to issue users for all government service payments.

The central unified payment platform will enable all RAK government entities to receive payments from their customers in an easy flexible, unified and secure manner.

Yousuf Ali Mohammed, director-general of the Department of Finance, said, “Our partnership with First Abu Dhabi Bank and Magnati is in line with the strategic goals of the government, and the Department of Finance’s continuous efforts to enhance the emirate’s financial sustainability, while strengthening corporate governance of public revenue management and increasing the economic competitiveness of the digital economy.”

Eng. Ahmed bin Saeed Al Sayyah, general manager of Ras Al Khaimah Electronic Government Authority, said, “We are pleased to announce the launch of RAK Pay as an omnichannel, secure digital platform for all government entities within the emirate. It will provide an easy, one-stop solution, whether through Ras Al Khaimah’s official online portal or the mRAK app, to ensure a seamless experience for end-users across all our channels”.

Ramana Kumar, chief executive officer of Magnati, said, “As a leading payments and technology company, Magnati is excited to partner with the RAK Government to introduce the next era of smart government services that prioritise speed, convenience and security for users. RAK Pay will combine world-class payment infrastructure with best-in-class revenue collection practices to propel RAK to the forefront of the digital age.”

Previous Article

6 Alternative Lending start-ups in Switzerland to watch out for in 2023

Read More

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *