Mashreq 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.