Tuum, an Estonia-based next-generation core banking provider, has been selected by Oliver Business Development (OBD) Holding to support its newly licensed e-banking services in the Middle East and Africa (MEA) under the Uptex Bank brand.
Following the acquisition of its e-banking license, OBD is launching Uptex Bank, offering digital wallet and payment services designed to integrate with its existing financial ecosystem, including Uptex Broker, a forex and CFD broker in the MEA region, and Rizzbees, an EU-licensed crypto exchange.
The bank’s services will operate on Tuum’s modular, cloud-native core platform, deployed via AWS in Europe and designed for scalability, compliance, and rapid development.
Uptex Bank sought a partner capable of delivering a minimum viable product (MVP) within a short timeframe while maintaining scalability and regulatory compliance.
Tuum’s approach as a collaborative partner was a decisive factor in the selection process.
“We’re building a unique e-money proposition that brings together traditional and next-gen financial services into one seamless ecosystem,”
said Archie Sol, Chief Marketing Officer at OBD.
“Tuum stood out as the platform to help us achieve this vision. From their sleek technology to the responsiveness of their team, it was clear that they’re not just a vendor, they’re a partner. With Tuum, we’re not only launching fast, we’re building for scale. Uptex Bank is built for people tired of the old way banks treat them. From Gen Z and digital-first users to everyday customers seeking something faster, fairer, and more intuitive.”
Tuum’s API-first infrastructure allows Uptex Bank to integrate its new e-banking services with its existing brokerage and crypto operations, creating a unified environment across its brands.
The platform is aligned with Omani regulatory requirements, including standards set by the Central Bank of Oman and the Capital Market Authority, and will support digital wallets and multi-currency payments (USD, EUR, GBP, AED, OMR, SAR) from launch.
OBD anticipates onboarding over 50,000 users in the first year, with millions of transactions expected across its fintech portfolio.
Tuum was selected following a competitive process in which speed, scalability, and regulatory readiness were key considerations.
The platform’s capabilities allowed Uptex Bank to plan an MVP launch within months while retaining enterprise-level controls.
Tuum also supported OBD in assembling relevant ecosystem partners aligned with Uptex Bank’s business model.
“This is a landmark win for Tuum,”
said Miljan Stamenkovic, Chief Revenue Officer at Tuum.
“It shows the rising demand for modern, modular core banking platforms in the Middle East. OBD is building an ambitious and truly differentiated proposition in Oman and we’re proud to provide the infrastructure behind it.”
Featured image credit: Edited by Fintech News Middle East, based on image by expressiovisual via Freepik
