MENAFN launches card marketplace with key financial institutions
The Middle East / North Africa Financial Network, Inc. [MENAFN] has launched the first online card marketplace in the Middle East.
The Middle East / North Africa Financial Network, Inc. [MENAFN] has launched the first online card marketplace in the Middle East. The marketplace will provide consumers in the region with the ability to shop and apply for a variety of credit, charge, and debit cards offered in partnership with key financial institutions in the region.
Participating financial institutions include American Express Middle East, Mashreqbank, Citibank UAE, National Bank of Abu Dhabi, Arab Banking Corporation Jordan, and many other leading institutions.
The marketplace will enable consumers to enter basic information and certain search criteria and will then filter and list relevant cards matching the criteria. Consumers will be able to choose which cards to apply for and as a final stage, they will be required to fill out one universal application that will be forwarded electronically to participating institutions. Institutions will then contact consumers. The service will be offered to consumers for free.
“We decided to participate in MENAFN’s card marketplace because we believe our card offerings are very competitive and as a result will be attractive to consumers,” said Steven Pinto, Senior Vice President, Retail Banking Group at Mashreqbank, a retail bank in the United Arab Emirates.
“MENAFN has supplied partner institutions with an internet-based interface to enable them to add new card offerings or modify existing ones,” said Haya Khammash, product development VP at MENAFN. “The advanced interface enables the institutions to route applications to certain individuals within specified geographies. It also enables institutions to route applications in pre-selected formats that could later on be integrated into the institutions’ back office,” she added.
The card marketplace came as a response to a growing consumer demand for plastic cards in the region and at a time when competition is fierce in selected countries. At the initial stage, cards will be offered to residents of Saudi Arabia, UAE, Kuwait, and Jordan.