Revolutionizing Banking in the Middle East and Africa: CARITech and Finastra Unite to Drive Core Modernization

Strategic Partnership: CARITech and Finastra Join Forces to Transform Banking in Middle East and Africa

CARITech and Finastra have announced a strategic partnership aimed at accelerating core banking modernization across the Middle East and North Africa region. The collaboration, revealed on April 27, 2025, brings together CARITech’s implementation expertise with Finastra’s advanced technology to deliver streamlined banking transformation solutions for financial institutions throughout the region.

The partnership will focus on strengthening the deployment of Finastra Essence, a comprehensive core banking solution designed to increase enterprise agility, reduce operational costs, and improve efficiency for financial institutions in the rapidly evolving Middle Eastern banking landscape.

Meeting Regional Banking Transformation Needs

The Middle East and Africa banking sector is experiencing a profound digital transformation driven by changing customer expectations, regulatory evolution, and increasing competition from fintech companies and global technology giants. Legacy infrastructure has been identified as a significant barrier to delivering the seamless banking experiences that modern customers demand.

Through this strategic alliance, CARITech will leverage its proven implementation methodology, CMMi Level 3-certified standards, and regional expertise to support financial institutions adopting Finastra’s Essence platform. The company’s bilingual Arabic-English team is positioned to ensure seamless communication and service excellence for banks throughout the Middle East, facilitating smooth transitions to modern core banking platforms.

“Partnering with Finastra represents a significant step forward for CARITech in our mission to deliver best-in-class core banking transformation services,” said Dr. Ismail Ali, CEO of CARITech. “By combining our expertise with Finastra’s innovative Essence solution, we can empower financial institutions to modernize their operations with confidence and efficiency.”

Responding to Evolving Customer Expectations

The partnership comes at a critical time when customer expectations are significantly shaping the future of banking across the region. Consumers increasingly expect seamless, real-time, and personalized services that anticipate their needs. Recent industry analysis reveals that nearly three-quarters of Middle Eastern banks acknowledge that evolving customer expectations have highlighted weaknesses in their current customer experience capabilities.

Finastra’s Essence platform addresses these challenges by combining deep functionality with advanced technology designed to help banks optimize operations and enhance customer experiences. The solution leverages artificial intelligence, data analytics, and cloud-based architectures to deliver the personalized banking services consumers now demand.

“Our collaboration with CARITech reflects Finastra’s commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,” said Siobhan Byron, EVP Universal Banking at Finastra. “CARITech’s track record in core banking transformations and their deep understanding of regional needs make them an invaluable partner in helping banks achieve their transformation goals.”

The Path to Frictionless Banking

The partnership aligns with the broader industry movement toward frictionless connectivity in digital banking. At the recent Dubai Fintech Summit, Finastra representatives joined industry leaders to discuss how advanced banking technology is driving personalized, innovative, and seamless financial services.

As financial institutions throughout the Middle East and Africa prioritize modernization of their operations, including embracing cloud and API-led technology, partnerships like the one between CARITech and Finastra become increasingly important. Financial institutions in Saudi Arabia and UAE are particularly focused on modernizing all aspects of their operations, according to Finastra’s Financial Services State of the Nation Survey 2024.

The collaboration between CARITech and Finastra represents a significant development for credit unions and other financial institutions looking to modernize their core banking systems while minimizing disruption. By combining CARITech’s implementation capabilities with Finastra’s technology, the partnership offers a pathway for financial institutions to transition to modern systems with maximum benefit.

About the Companies

CARITech has established itself as a global leader in digital transformation for financial institutions, with particular expertise in core banking modernization, system replacement, and seamless integration. The company operates across the Americas, Middle East, and Africa, providing end-to-end solutions that enhance efficiency and innovation.

Finastra is a global provider of financial services software applications spanning lending, payments, treasury, capital markets, and universal banking. The company serves approximately 8,100 financial institutions worldwide, including 45 of the world’s top 50 banks. Finastra’s vision centers on accelerating the future of finance through technology and collaboration.

This partnership underscores both companies’ shared commitment to innovation and customer success. As the banking landscape continues to evolve across the Middle East and North Africa region, collaborations like this will likely play an increasingly important role in helping financial institutions navigate the complexities of digital transformation while meeting the growing expectations of their customers.