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Akabs, a fintech company, recently launched "Omnify," a platform specifically designed to offer a comprehensive suite of Banking-as-a-Service (BaaS) solutions through APIs (Application Programming Interfaces)—a technology that allows applications to communicate and exchange data. The platform is aimed at serving specific markets across the Middle East and North Africa (MENA) region. Through Arab Bank’s APIs and other tech solutions, "Omnify" enables non-banking entities to offer financial services integrated into their existing applications.

The platform provides a seamless and secure gateway for delivering banking and financial solutions, which can help businesses expand and enhance their service offerings. "Omnify" is part of Arab Bank’s initiatives to deliver innovative digital banking solutions aligned with the goals of large, medium-sized companies, and fintech firms to keep pace with the rapid developments in digital banking, communication, and technology services.

"Omnify" operates on the principle of enabling businesses to indirectly offer banking services through BaaS solutions, providing them with tools to innovative financial services in collaboration with banks and financial institutions across MENA. The platform currently offers multiple API services, including electronic registration, identity verification, digital wallets, VIBAN (virtual IBAN) accounts, direct and prepaid cards, virtual cards (Cards as a Service), and payment solutions (Payments as a Service). Lending APIs will also be introduced in the future. The platform allows non-banking entities to leverage Arab Bank’s systems, data, and APIs.

"Omnify" offers a range of features, including the ability to customize products to reflect the client’s identity efficiently and flexibly. It also provides the infrastructure companies need to deliver these services, offering ongoing support and tools to develop their financial offerings. The platform handles internal financial operations and compliance matters, allowing companies to focus on their products and expand globally with minimal costs.

On the occasion, Eric Modave, Deputy General Manager of Banking Operations and Systems at Arab Bank, stated: “The launch of 'Omnify' reflects Arab Bank’s leadership in digital banking services, aiming to elevate service offerings and introduce new solutions that enhance the business operations of all sectors. This is part of the bank’s ambitious strategy, with digital transformation being a core element.” Modave added: “‘Omnify’ will provide a comprehensive banking experience to non-banking entities, allowing them to expand their operations digitally while promoting financial inclusion and enabling Arab Bank to reach various segments and sectors of society.”

It is worth noting that Akabs was established in 2021 by Arab Bank as its technology arm, contributing to the delivery of fintech services to clients across various sectors. Arab Bank places significant emphasis on supporting and fostering innovation in fintech to develop banking services and solutions that align with global transformations under the Fourth Industrial Revolution and evolving partner and client expectations.