Cloud banking platform Mambu announced that they have set up a new office in Abu Dhabi as the United Arab Emirates has quickly emerged as a key market for it.

As a state-of-the-art hub, the UAE is consistently evolving and developing the junction of financial services and technology. The fintech solutions that the country supports include mobile banking and crypto currency.

With the highest number of mobile penetrations globally at 173 percent, the region offers an extensive customer base for digital banking.

“Our philosophy of building digital attackers and neobanks future-proof architecture, while enabling them to adopt the latest cloud-based solutions has really resonated in the Middle East”.

said Miljan Stamenkovic General Manager MENA at Mambu.

“Our partners and customers in the Gulf Cooperation Council (GCC) region can leverage Mambu’s cloud banking platform, and our ecosystem of composable partner solutions to deliver modern banking.”

Their new office, located at the Al Khatem Tower at ADGM Square, Al Maryah Island brings together a team there to leverage on UAE’s fertile market.

Abu Dhabi Global Market (ADGM) found that 83 percent of the residents in the UAE accept adopting and adapting to fintech solutions by non-financial institutions.

Additionally, 76 percent trust at least one financial technology company with their money over physical banks. This makes the region optimum ground for digital platforms in fields such as banking and finance.