Oliver Business Development (OBD) Holding in Oman has enlisted Estonian core banking software vendor Tuum to power its new e-banking venture – Uptex Bank.
Uptex Bank recently secured a licence with the Sultanate of Oman as it gears up to launch its debut suite of digital wallet and payment services, with the company expecting to pick up around 50,000 users in its first year of launch.
The launch will see OBD Holding build out its financial services ecosystem which also includes forex and Contract for Difference trading platform Uptex Broker and crypto exchange Rizzbees, which operates in the EU.
Uptex Bank will integrate Tuum’s core banking platform, which supports a series of modules for cards, payments, lending, and Islamic banking, and will be deployed via Amazon Web Services.
Tuum says Uptex Bank sought a partner that could help deliver a minimum viable product (MVP) “in a very short timeframe without compromising on scale or regulatory readiness”, with the platform’s launch planned “within months”.
The Tuum core will enable Uptex Bank to support digital wallet and multi-currency payment services while providing integrations with Uptex Broker and Rizzbees.
“With Tuum, we’re not only launching fast, we’re building for scale,” comments Archie Sol, who serves as chief marketing officer at Uptex Bank, which he says “is built for people tired of the old way banks treat them”.
Tuum, headquartered in Tallinn, announced its expansion to the Middle East in April last year and has established an office at the Abu Dhabi Global Market (ADGM). The expansion announcement followed a Series B funding round, which was led by CommerzVentures and raised €25 million, supported by an undisclosed follow-on investment from Citi Ventures.
Source: https://www.fintechfutures.com/
