Mashreq invests in Touché to help revolutionize payments for F&B and hospitality industries
- Investment re-enforces Mashreq’s commitment to support the burgeoning FinTech ecosystem across the UAE
- Touché enables the F&B and hospitality world to service clients through a single certified device
Dubai, UAE, 10th March 2022: Mashreq, one of the leading financial institutions in the United Arab Emirates, has announced an investment in the FinTech Touché, which is revolutionizing the F&B and hospitality industries with its streamlined payment system.
The partnership re-enforces Mashreq’s commitment to support the burgeoning FinTech ecosystem across the UAE, working with innovators and entrepreneurs to improve the overall customer experience from every touchpoint.
Touché enables the F&B and hospitality world to service clients through a single certified device, which links to their infrastructure and acquirer.
Fernando Morillo, Global Head of Retail Banking, Mashreq Bank, said: “We are constantly looking to collaborate with innovative FinTech operators who offer solutions to help transform life for customers, citizens and the private sector. Touché is doing just that, providing a more streamlined approach to payments for the F&B and hospitality industries. We are delighted to partner with Touché. The F&B and hospitality industries have arguably been two of the hardest hit sectors by the global COVID-19 pandemic and any solution that helps them on their road to recovery must be warmly welcomed.”
Headquartered in Singapore, with offices in Barcelona, Tokyo and Dubai, Touché, a certified solution by Oracle, runs on a fully integrated mobile Android-based smart payment terminal, offering four modules for full-service and quick-service businesses: Order@Table, Pay@Table, Benefit@Table, RoomChg@Table and Order&Pay.
Sahba Saint-Claire, CEO and Founder of Touché, further commented: “We’re really excited to partner with Mashreq Bank, a leader in the payments industry. For too long the credit card world has been biased towards the cardholder, Touché brings the value-added services to the physical merchants for them to have tangible benefits.”
The Middle East has witnessed significant growth as a FinTech hub both for investors and innovators. According to Finextra, by 2022, 465 FinTech firms in the UAE will generate around $2 billion in investment capital funding, compared to $80 million in 2017.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World’s Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.