Mawarid Finance Partners with Fimple to Launch Side-Core BaaS Infrastructure in the UAE
Mawarid Finance has selected technology provider Fimple to deploy a cloud-native secondary core banking system that will support Banking as a Service (BaaS) capabilities across the UAE. The announcement was made at the Mawarid Fintech Summit 2026.
According to the companies, the integration will allow Mawarid Finance, which is based in Dubai, to build embedded financial services on top of its existing legacy systems without replacing its main core banking infrastructure. The approach is designed as a “side-core” model, enabling the company to introduce new digital products while maintaining operational continuity.
The Fimple platform is described as composable and cloud-native, with API-driven architecture that connects to Mawarid Finance’s current payment rails, compliance controls, and risk management framework. By using this setup, the company aims to reduce the time needed to launch new products and services while avoiding the disruption often associated with a full core replacement.
Support for Embedded Finance Expansion
The partnership is intended to help Mawarid Finance offer BaaS capabilities to third-party brands across the UAE. Through the new infrastructure, licensed financial services could be embedded directly into consumer applications, including products such as corporate credit lines and digital wallets.
Rashid Al Qubaisi, Chief Executive Officer of Mawarid Finance, said the collaboration marks an important step in the company’s digital transformation strategy.
“Our partnership with Fimple represents an important milestone in Mawarid’s digital transformation journey,” Al Qubaisi said. “By using Fimple’s composable banking platform, we are strengthening our ability to deliver future-ready Banking as a Service solutions that align with the UAE’s vision for an advanced financial ecosystem.”
Fimple Co-Founder and CEO Dr. Mücahit Gündebahar said the platform is built to help financial institutions innovate more quickly while retaining the value of their existing systems.
“Our composable and API-first platform is designed to help institutions innovate faster while preserving the strength of their existing infrastructure,” Gündebahar said. “Together with Mawarid Finance, we are building a scalable foundation that supports the future of Banking-as-a-Service in the UAE.”
What the Side-Core Model Means
The side-core strategy allows a financial institution to add modern digital capabilities alongside legacy systems rather than replacing them entirely. In practice, this can help firms test and launch new services faster, while still relying on established processes for payments, compliance, and risk oversight.
For Mawarid Finance, the model is positioned as a way to expand into embedded finance while minimizing operational risk. It also reflects the wider industry move toward modular, API-based financial infrastructure that can be integrated into partner ecosystems.
Industry Analysis
The Mawarid Finance and Fimple partnership highlights growing demand for flexible banking infrastructure in the UAE, particularly as financial institutions seek to support BaaS and embedded finance offerings. Rather than undertaking large-scale core replacements, banks and finance companies are increasingly exploring side-core architectures that can accelerate product innovation without disrupting existing operations.
As competition in digital banking intensifies, platforms that support fast integration, scalability, and regulatory continuity are likely to play a larger role in the region’s financial technology landscape.
