In a move that will strengthen the digital payments ecosystem across the Levant, Mastercard, a leading technology company in the global payments industry, has signed a seven-year collaboration agreement with the award-winning Lebanon-based BLOM Bank. Mastercard will work closely with BLOM Bank on the rollout of innovative payments technologies across Lebanon.
The agreement was made official in a signing ceremony in Beirut on September 6th, attended by Mastercard’s Raghu Malhotra, President, Middle East and Africa; Somu Roy, Cluster Head, Lebanon and Jordan; and Ramzy Al Amary, Country Manager, Lebanon. Meanwhile, BLOM Bank was represented by Saad Al Azhari, Chairman and General Manager; Elias Aractingi, General Manager; and Jocelyne Chahwan, Deputy General Manager and Head of Retail Banking.
As part of the collaboration, Mastercard will leverage its expertise to bring greater convenience and enhanced security to BLOM Bank customers through the introduction of pioneering solutions in the areas of risk management, digital payments, loyalty programs, and more.
“Mastercard has a long and proud history of supporting the transformation of Lebanon’s payment infrastructure. This new agreement underlines our commitment to bringing consumers convenient and secure payment solutions, and driving greater financial inclusion,” said Raghu Malhotra, President, Middle East and Africa, Mastercard. “As the trusted technology partner for leading institutions around the world, we are pleased to collaborate with BLOM Bank, a key player in the region’s banking sector. Together, we will develop and deploy groundbreaking technologies that will shape the ongoing evolution of the region’s digital payments ecosystem.”
Mr. Saad Azhari, Chairman and General Manager of BLOM Bank, said: “We are proud to sign this seven-year strategic agreement with Mastercard. We believe that this partnership will further strengthen BLOM Bank’s efforts towards introducing new payment technologies and contributes to empowering a cashless society.”
One of Lebanon’s leading financial institutions, BLOM Bank scooped the “Best Bank in Lebanon for 2018” award from internationally renowned magazine Euromoney in May, a prestigious title that it retained for the third consecutive year.