Cartel Capital in the Middle East and North Africa will promote the establishment of an electronic banking services platform in the Middle East during the third quarter (Q3) of the current year fiscal year, according to investment manager at Cartel Capital Ayman Abou Hend.
The first phase of the project’s promotional tour will take place at Emirati banks as the UAE market is the most advanced and flexible in providing electronic financial services in the region, said Abou Hend. Emirati banks, such as Abu Dhabi Islamic Bank (ADIB), are known for their expansion in the Egyptian market and other Arab markets.
He added that the project aims to develop the retail sector in banks primarily through the development of customer service. This project comes amid banks’ increasing desire to develop retail activity in the region to serve a larger number of individual customers without recruiting more labour.
This platform allows individuals to complete all transactions online through electronic bank accounts. Customers are able to deposit, withdraw, underwrite investment and savings certificates, and conclude real estate financing transaction and wealth management, as well as perform other retail services, added Abou Hend.
Abou Hend said the project requires Cartel Capital’s participation as an operational partner that will design and manage the banking services platform in agreement with one of the banks. The management style of the platform is a crucial component to the success of the project.
Cartel Capital has expertise in managing electronic banking platforms. It was an executive partner at German AVUBA specialised in the development and management of banking applications on mobile phones in favour of the banks, added Abou Hend.
He noted that the cost of designing this platform is considered low, ranging between $1m and $1.5m. Though the design of the platform is an important factor in the success of the project, the management style is more important.