SAP financial services unit SAP Fioneer has entered into a partnership with Royal Strategic Partners (RSP), Naqd Group, and MBME Group to establish a digital innovation hub in the MENA region and the Indian subcontinent.
SAP is a leading software provider that offers enterprise resource planning (ERP) solutions to various industries worldwide. One of the industries that SAP has been serving for several years is the financial services industry. SAP provides its customers with a range of financial services solutions, including SAP Financial Services Network, SAP Banking Services, and SAP Asset Management. These solutions are designed to help financial institutions improve their operational efficiency, manage risks, and meet regulatory compliance requirements.
One of the subsidiaries of SAP that plays a vital role in the financial services industry is SAP Fioneer. Co-owned by the German enterprise software giant and entrepreneurial investor DEDIQ, SAP Fioneer is a financial services company that offers a range of services, including banking, investment, and insurance services, as well as software solutions tailored for the financial sector. SAP Fioneer’s offerings are designed to help financial institutions to improve their operations, comply with regulations, and reduce costs.
SAP Fioneer also partners with other financial institutions to create innovative solutions that help them to achieve their business objectives. For example, SAP Fioneer has partnered with Royal Strategic Partners (RSP), Naqd Group, and MBME Group in the MENA region to establish a digital innovation hub. The joint venture aims to foster technological advancement and promote digital innovation in the financial sector across MENA and the Indian subcontinent. The initiative will establish a “Center of Excellence” in Abu Dhabi, bringing together financial and technology experts to develop cutting-edge solutions and best practices that empower financial institutions to serve their customers effectively in the digital era.
Delighted to join forces with RSP and MBME to work with Naqd Group in this exciting endeavor, starting with the establishment of the Center of Excellence, SAP Fioneer Chairman Matthias Tomann said that their collective expertise in financial technology and other innovative technologies will enable them to develop groundbreaking solutions that boost growth, productivity, and competitiveness in the financial sector of the region. He further added:
“We truly believe this will further strengthen our activities and contribute to the advancement of our capabilities that are positioned to drive innovation in the MENA region.”
SAP Fioneer Forges Partnerships to Improve the Financial Services Industry
The Abu Dhabi center will initially focus on the Banking, Investment, Insurance, and related financial services industries, with SAP Fioneer contributing its expertise in financial technology and other cutting-edge technologies. Through this collaboration, SAP Fioneer will expand its knowledge and capabilities, improve investment, and develop technological advancements in the financial ecosystem.
Moreover, the agreement signing is a notable achievement for both Naqd Group and MBME Group, signifying their growth and evolution. As a top fintech solutions provider and accelerator, MBME Group strives to advance innovation and foster growth in the financial ecosystem. This collaboration with SAP Fioneer, RSP, and the Naqd Group provides MBME with an opportunity to broaden its expertise and capabilities while promoting investments and technological advancements. With the combined efforts of these industry leaders, this partnership is paving the way for a new era of digital innovation and progress in the financial sector, aligning with the visionary leadership of the UAE.
Dr. Hamad Al Ali, CEO of RSP, also expressed his commitment to digital innovation and technological advancement in the financial sector through the establishment of the Centre of Excellence in Abu Dhabi. He believes that the partnership with SAP Fioneer will provide valuable insights and expertise to better serve customers and drive growth and development in the MENA region and Indian subcontinent. The Centre of Excellence will play a vital role in driving the UAE’s digital economy towards a sustainable and innovative future.
Meanwhile, MBME Group’s Chairman, Ali Mohamed AlBadi, said the Center will concentrate on research and development, capacity building, and the creation of new financial products and services. He further added that the Centre will encourage collaboration among fintech companies, financial institutions, and the government sector, as well as other financial ecosystem stakeholders.
