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Etisalat and RAKBANK, also known as The National Bank of Ras Al Khaimah, signed a Memorandum of Understanding (MoU) for Managed Point of Sale services. As part of the strategic partnership, Etisalat shall provide RAKBANK with last-mile Point of Sale (PoS) operations as its outsourced and managed service partner, a first-of-its-kind approach in the UAE payments and banking industry.

"We are delighted to be working with Etisalat on this partnership, one which capitalizes on the core strengths that both parties bring to the table," said Peter England, RAKBANK CEO. "We are always looking to bring our valued customers more flexibility, convenience and choice." The MoU was signed by Peter England and Salvador Anglada, Chief Business Officer, Etisalat, along with other senior representatives from Etisalat and RAKBANK.

Salvador Anglada, CBO, Etisalat said, "Today’s announcement will be a unique approach for the UAE banking industry and will set a benchmark in the telecom industry. Etisalat will work closely with RAKBANK during this implementation phase of its merchant acquiring business to make sure that critical Point of Sale operations and service deliveries are efficiently managed meeting the long term objective of the bank to become a leading and innovative payment solution and services provider in the UAE."

The strategic partnership with Etisalat gives RAKBANK the opportunity to support its SME and corporate customers and the wider UAE merchant community by offering them cost effective payment acceptance solutions coupled with superior service delivery.

"A unique and first-of-its-kind partnership like this will also allow RAKBANK to focus on its aggressive acquisition, relationship management and product development activities to bring innovative and customer friendly payment solutions to the UAE market with an aim to make payments simpler and safer," England added.