Tuum has been chosen by Oliver Business Development (OBD) to provide the core banking technology for its newly established e-banking services, Uptex Bank, in the Middle East and Africa.
This selection marks Tuum’s initial venture into the Middle Eastern market and aligns with its strategy to support financial institutions driven by innovation.
OBD’s launch of Uptex Bank follows a recent acquisition of an e-banking license. The bank is set to offer digital wallet and payment services.
Uptex Bank aims to integrate OBD’s existing financial products, such as Uptex Broker, which operates in forex and Contract for Difference (CFD) trading, and Rizzbees, a European Union (EU)-licensed crypto exchange.
The banking services will operate on Tuum’s cloud-native platform through Amazon Web Services (AWS) in Europe, focusing on scalability and compliance with local regulations.
The partnership’s objective is to develop a Minimum Viable Product quickly, with Tuum’s approach seen not merely as a vendor but as a partner.
Tuum’s API-first infrastructure enables Uptex Bank to integrate its new e-banking services with its existing brokerage and crypto exchange seamlessly. This integration ensures compliance with the regulatory requirements established by the Central Bank of Oman and the Capital Market Authority.
The technology will allow OBD to handle multi-currency payments from the start.
Tuum chief revenue officer Miljan Stamenkovic said: “This is a landmark win for Tuum.
“It shows the rising demand for modern, modular core banking platforms in the Middle East. OBD is building an ambitious and truly differentiated proposition in Oman and we’re proud to provide the infrastructure behind it.”
Uptex Bank anticipates onboarding over 50,000 users within the first year, with millions of transactions expected across its financial technology portfolio. The bank is part of OBD’s broader ecosystem providing an interoperable experience in banking, trading, and digital assets.
Tuum’s platform was selected from various contenders due to its ability to deliver rapid deployment while maintaining enterprise-level control, a necessity for Uptex Bank’s planned MVP launch.
The modular design of Tuum’s platform supports diverse financial models and enables institutions to innovate without being hindered by legacy systems.
OBD chief marketing officer Archie Sol said: “With Tuum, we’re not only launching fast, we’re building for scale. Uptex Bank is built for people tired of the old way banks treat them.
“From Gen Z and digital-first users to everyday customers seeking something faster, fairer, and more intuitive.
“With Tuum’s flexible, API-first platform, we’re creating a banking experience that’s modern, human, and built for how people live now, not how banks used to operate.”
Last month, Tuum partnered with Solidgate to launch Solidgate Treasury. This solution offers online businesses global access to their funds by streamlining cross-border payments through business accounts and cards, enhancing transaction speed and security.
