Masraf Al Rayan and Visa Announce Strategic Collaboration to Pioneer Financial Innovations

Doha, Qatar – 1/4/2024

Masraf Al Rayan, one of the leading Islamic banks in Qatar, and Visa, a global leader in digital payments, are delighted to announce a landmark partnership aimed at driving forward the future of cards and digital payments through cutting-edge innovations. This collaboration will see the establishment of a Masraf Al Rayan’s Innovation Center focusing on data science, portfolio management, and the development of innovative financial products.

By combining Masraf Al Rayan's deep understanding of the financial needs of its customers with Visa's global expertise in digital payment technologies and data analytics, the partnership is poised to deliver a range of innovative solutions designed to enhance customer experiences, streamline operations, and set new benchmarks in the industry.

Key Focus Areas of Collaboration:

  • Data Science: Harnessing the power of big data and advanced analytics to deliver innovative products.
  • Cards Portfolio Management: Developing advanced tools and strategies to optimize portfolio performance, mitigate risks, and maximize returns for both institutions and their clients.
  • Innovative Product Development: Creating next-generation financial products that meet the evolving needs of consumers and businesses, incorporating features such as enhanced security, greater convenience, and improved accessibility.

Mr. Omar Al Emadi, Group Chief Business Officer of Masraf Al Rayan, expressed enthusiasm about the partnership, stating, "Our collaboration with Visa marks a significant milestone in our commitment to innovation and excellence in the banking sector. Together, we are setting the stage for a new era of financial solutions that will not only benefit our customers but also contribute to the economic growth and prosperity of our country."

Mr. Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait, added, "We are excited to partner with Masraf Al Rayan to bring the future of payments to Qatar. This strategic collaboration underscores our dedication to leveraging Visa’s global network and technological expertise to enable our local financial institution clients to deliver innovative and secure digital payments solutions for consumers and businesses, in line with the Qatar government’s digital commerce agenda."

The Innovation Center is scheduled to commence operations in April 2024, with several pilot projects already in the pipeline. Both Masraf Al Rayan and Visa are committed to continuous investment in research and development, aiming to lead the way in transforming the financial landscape through innovation and excellence.