Bank says partnership reinforces its commitment to support the burgeoning fintech ecosystem across the UAE
Dubai banking giant Mashreq has announced an investment in Touché, the fintech which it says is revolutionising the F&B and hospitality sector with its payment system.
Mashreq said the partnership reinforces its commitment to support the burgeoning fintech ecosystem across the UAE, working with innovators and entrepreneurs to improve the overall customer experience.
Touché enables the F&B and hospitality world to service clients through a single certified device, which links to their infrastructure and acquirer.
Fernando Morillo, global head of retail banking, Mashreq Bank, said: “We are constantly looking to collaborate with innovative fintech operators who offer solutions to help transform life for customers, citizens and the private sector.
“Touché is doing just that, providing a more streamlined approach to payments for the F&B and hospitality industries. We are delighted to partner with Touché. The F&B and hospitality industries have arguably been two of the hardest hit sectors by the global Covid-19 pandemic and any solution that helps them on their road to recovery must be warmly welcomed.”
The Middle East has witnessed significant growth as a fintech hub both for investors and innovators. According to Finextra, 465 fintech firms in the UAE will generate around $2 billion in investment capital funding in 2022 compared to $80 million in 2017.
 | ||
| Fernando Morillo, global head of retail banking, Mashreq Bank |
Headquartered in Singapore, with offices in Barcelona, Tokyo and Dubai, Touché runs on a fully integrated mobile Android-based smart payment terminal, offering four modules for full-service and quick-service businesses.
Sahba Saint-Claire, CEO and founder of Touché, said: “We’re really excited to partner with Mashreq Bank… For too long the credit card world has been biased towards the cardholder, Touché brings the value-added services to the physical merchants for them to have tangible benefits.”