National Bank of Fujairah (NBF), a full-service corporate bank based in the UAE, has extended its partnership with Intellect Global Transaction Banking (iGTB) to digitize its wholesale business. The $15.1 billion asset bank first signed for the vendor’s open finance platform eMACH.ai in August, a move credited at the time as the first deployment of the cloud-managed service in the region.
NBF has now broadened the collaboration to include eMACH.ai Cloud for Wholesale Banking, a digital transaction banking (DTB) solution debuted by iGTB earlier this month, becoming the first bank in the Middle East to implement this offering. The new platform, managed by Microsoft Azure, offers services for cash management, trade finance, corporate lending, deposits, cards, treasury, brokerage and foreign exchange (FX).
According to a statement from iGTB, NBF’s selection of eMACH.ai Cloud for Wholesale Banking will offer “improved information visibility” to its SME and corporate clients in the UAE.
