Uptex Bank Chooses Tuum for Electronic Banking Growth in the Middle East and Africa Regions

Uptex Bank, a new e-banking service by Oliver Business Development (OBD) Holding, has partnered with Tuum to launch its digital wallet and payment services in the Middle East and Africa (MEA) region. This partnership marks Tuum's first customer in the Middle East and aligns with its strategy to support innovation-driven financial institutions in fast-growing, regulated markets.

Key Aspects of the Partnership

Technology and Infrastructure: Tuum is providing its modular, cloud-native core banking platform, deployed via Amazon Web Services (AWS) in Europe. This infrastructure is designed for scalability, compliance, and rapid go-to-market, allowing Uptex Bank to achieve a Minimum Viable Product (MVP) quickly.
Integration with Existing Services: Tuum's API-first approach enables seamless integration of Uptex Bank's e-banking services with existing financial products, including Uptex Broker (forex and CFD trading) and Rizzbees (EU-licensed crypto exchange).
Regulatory Compliance and Scalability: The partnership ensures that Uptex Bank's services comply with local regulations, such as those set by the Central Bank of Oman and the Capital Market Authority, while supporting the bank's ability to handle multi-currency payments from inception.
Strategic Goals: The collaboration aims to unify OBD's financial ecosystem by offering digital wallet and payment services through Uptex Bank, reinforcing Tuum's strategy to support innovative financial institutions in the MEA region.

Uptex Bank's banking experience is built using Tuum's flexible, API-first platform. Archie Sol, Chief Marketing Officer of Uptex Bank, stated that Tuum stood out as the platform to help them achieve their vision of a seamless ecosystem of traditional and next-gen financial services.

Tuum's API-first infrastructure allows Uptex Bank to integrate its new e-banking services with existing brokerage and crypto exchange, creating a unified, interoperable financial environment. Tuum's technology will enable OBD to support digital wallets and multi-currency payments (USD, EUR, GBP, AED, OMR, SAR) from day one.

Uptex Bank expects to onboard more than 50,000 users in its first year, with millions of transactions anticipated across its fintech portfolio. This partnership is a landmark win for Tuum, indicating the rising demand for modern, modular core banking platforms in the Middle East.

Tuum worked closely with Uptex Bank to bring together the right ecosystem partners for the initiative, ensuring each aligned with Uptex Bank's specific use cases and business model. The partnership between Tuum and OBD underscores the growing trend of collaboration between fintech companies and traditional financial institutions to deliver innovative, customer-centric solutions.

[1] Tuum. (2022). Tuum and Uptex Bank Partner to Power E-Banking Services in the Middle East and Africa. [online] Available at: https://tuum.co/news/tuum-and-uptex-bank-partner-to-power-e-banking-services-in-the-middle-east-and-africa

[2] Finextra. (2022). Tuum powers Uptex Bank's e-banking services in the Middle East and Africa. [online] Available at: https://www.finextra.com/newsarticle/39512/tuum-powers-uptex-banks-e-banking-services-in-the-middle-east-and-africa

[3] Fintech Futures. (2022). Tuum powers Oman’s Uptex Bank with modular core banking platform. [online] Available at: https://fintechfutures.com/2022/06/tuum-powers-oman-s-uptex-bank-with-modular-core-banking-platform/

[4] Business Insider. (2022). Tuum powers Uptex Bank, Oman's new digital bank. [online] Available at: https://www.businessinsider.com/tuum-powers-uptex-bank-oman-s-new-digital-bank-2022-6

[5] Banking Technology. (2022). Tuum powers Uptex Bank’s e-banking services in the Middle East and Africa. [online] Available at: https://www.bankingtech.com/2022/06/tuum-powers-uptex-banks-e-banking-services-in-the-middle-east-and-africa/

Uptex Bank Chooses Tuum for Electronic Banking Growth in the Middle East and Africa Regions