Latest news with #ArabFinancialServices
Zawya
02-06-2025
- Business
- Zawya
AFS and Mawarid Finance spearhead digital transformation in credit card services
Manama, Kingdom of Bahrain: In a significant leap forward for digital finance, Mawarid Finance, in strategic collaboration with Arab Financial Services (AFS), the leading digital payments solutions provider and fintech enabler across the Middle East and Africa, has officially launched a comprehensive digital application poised to redefine credit card issuance and management. This pioneering initiative underscores a shared commitment to accelerating digital transformation and elevating the customer experience within the financial services landscape. The newly introduced application represents a robust smart solution, offering a fully digitized journey from initial application submission and approval to card issuance and direct, real-time management via a smartphone. This seamless process effectively eliminates the conventional necessity for branch visits or physical signatures, translating directly into considerable time savings and enhanced convenience for customers. This pivotal launch is the direct outcome of a strategic agreement between Mawarid Finance and AFS, meticulously crafted to deliver advanced digital financial solutions. These solutions not only cater to the evolving needs of the local market but also align with prevailing global trends in financial technology. The application empowers users to instantly and securely issue credit cards, seamlessly track transactions, and manage their accounts in real-time, all fortified by state-of-the-art data protection and privacy technologies. The official signing ceremony, marking this collaborative milestone, was attended by key leadership, including Mr. Samer Soliman, CEO of AFS, and Mr. Rashid Al Qubaisi, CEO of Mawarid Finance. Both executives emphasized the profound significance of this partnership in stimulating innovation and expanding the breadth of digital services accessible within the vibrant UAE financial market. Commenting on this transformative development, Mr. Rashid Al Qubaisi stated: "At Mawarid Finance, our core commitment revolves around delivering digital solutions that not only meet but exceed our customers' expectations. This innovative platform is a testament to our relentless pursuit of empowering customers with secure, efficient, and exceptionally easy access to our comprehensive suite of products." Echoing this sentiment, Mr. Samer Soliman added: "This collaboration exemplifies a highly successful model of integration between established financial institutions and agile fintech companies. Together, we are meticulously crafting and delivering innovative digital experiences that not only adhere to rigorous global standards but also provide users with an intuitively seamless and highly secure financial journey." This strategic launch is an integral component of Mawarid Finance's broader vision to expand its customer base and introduce agile, digital-first products designed to support the diverse needs of both individual consumers and corporate entities, thereby significantly accelerating access to modern, secure, and user-centric financial services across the region. AFS Media Relations Email: pr@ About AFS: Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem. AFS is owned by 37 banks and financial institutions and serves over 60 clients in more than 20 countries across the Middle East and Africa. Today, AFS is the region's leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain and the Central Bank of Egypt and licensed by the Central Bank of UAE, its dedication to innovation has made AFS a driving force in the market offering a rich portfolio of payment solutions including Open Banking Hub, popular digital wallets, market-leading merchant acquisition services, digital payroll solutions and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates. About Mawarid: Mawarid Finance PJSC is an Islamic finance and investments group licensed by the UAE Central Bank. Mawarid Finance was formed in 2006 in Dubai, United Arab Emirates, with a paid-up capital of AED 1 billion to launch a new vision in Islamic Finance by adding more value to the industry through developing innovative Shariah compliant products for both individual and corporate customers Mawarid was founded upon and continues to believe in Innovation. We aim to be different, unique and 'special' in everything we do. Mawarid's focus has also been on supporting and developing the national economy through the provision of Islamic financial products and services for small & medium enterprises, enabling them to grow and in turn fostering the growth of the economy. Over the years, Mawarid's strategic approach has been on emerging from an Islamic financial services company to a Conglomerate building synergy through the acquisition of complimentary and supplementary shariah compliant businesses. Today, Mawarid maintains a healthy and well diversified portfolio of investments across a wide spectrum of industry sectors and asset classes across the MENA region Mawarid Finance in its young history has collected several awards, locally and internationally, in business, gained ISO 9001:2008 certification, and is considered as a very successful brand in the UAE.
Gulf News
25-04-2025
- Business
- Gulf News
Bahrain's Arab Financial Services wants to put its stamp on UAE's payments processing market
Dubai: UAE consumers and businesses have any number of ways to make their payments – digital wallets, credit/debit/pre-paid cards, and, when needed, some cash too. But these days, it's not just the sheer number of payments options that are available, the choices even extends to payment processing platforms too. The UAE has Magnati and Network International alongside the global names Visa and Mastercard. There are others too – and it is into this fray that Bahrain's Arab Financial Services logged in earlier this year. It followed the granting of a 'retail Payment Services License – Category 2 from the UAE Central Bank. And which meant AFS could provide its set of payment solutions. But in an already crowded UAE payments marketplace, how can AFS build up a spot? That's exactly what Samer Soliman, CEO of Arab Financial Services, is intent on doing. Within the UAE's payments processing space, is there any sub-category AFS will focus on? We were founded in Bahrain 40 years ago as a traveler's cheques business, then we pivoted into processing. Recently, we got into (merchant) acquiring business, and once we did that, we decided that we needed to be in four key markets across Middle East - Bahrain. Oman, Egypt and UAE. There is a fifth market, but I don't want to get into those details… But why get into the acquiring space? Was it about higher margins? We were looking at expanding on the value chain a little bit more. Yes, we realize the penetration in the UAE market is quite high – but we wanted to get into a market with a value proposition for merchants. Even one that's already highly penetrated. Then you look at the merchants: what do they really need? He needs to get his money settled fast and as AFS, we need to have a ready solution for that. The merchant needs to have a bridge for his funds. We have partnered with a financial institution to do that for SMEs. Additionally, he wants to manage all his outlets at his fingertips. Today, someone using a smartphone can access his various bank accounts and transactions at the same time. Why can't the same ease be provided for the acquiring space. When we came in, it was the plan to disrupt the current value system. Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment eco-system. A key to the growing and continued success of the company was an executive team determined to invest in the most up-to-date, cutting edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 clients in more than 20 countries across MEA. Today, AFS is the region's leading digital payment solutions provider and Fintech enabler, regulated by the Central Bank of Bahrain. AFS's innovative approach to the provision of financial services is evidenced by a series of pioneering payment services that covers card processing services, merchant acquiring, fintech solutions and an impressive array of value-added services. The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including digital mobile wallets, customer orientated Merchant Acquiring services; Bahrain's leading digital payroll solution Al Rateb, global Contact Centers and much more. But your focus being merchants in the SME space? One of the benefits – as I said earlier – was to enable merchants to manage all his financials while at the shop. He doesn't need to go to the bank, nor does he have to call in. He can get his things done at his fingertips. The second would be how to give SMEs a service similar to what's given to large-scale merchants. I've been in the payments business for 30 years – what we going to do is help build the second-generation of payments in the UAE. And you settle funds to merchants earlier than the market average? The market is running on what we call 'Transaction plus 1', and we are running the same. But which hour of the 'Plus 1' is what makes us different. There is always room for players who brings in additional benefits. We already have more than 200 customers on-boarded from incumbents in the market.
Biz Bahrain
22-04-2025
- Business
- Biz Bahrain
AFS and Al-Etihad Al-Dawli Advance Libyan Payments
Arab Financial Services (AFS), the innovative leader in digital payment solutions across the Middle East and Africa, is collaborating with Al-Etihad Al-Dawli Fintech Company (EDF) in Libya to elevate the nation's payment ecosystem. Together, they aim to redefine Libya's payment ecosystem by introducing a dynamic suite of advanced digital and electronic payment services. The signing of the Teaming Agreement signals a powerful collaboration, uniting AFS's innovative prowess with EDF's local insight to revolutionize the Libyan market. This alliance promises to equip Libyan businesses, consumers, and financial institutions with seamless, secure, and disruptive digital payment solutions, transitioning to a modern financial future. 'We are thrilled to embark on this ambitious journey with EDF, bringing truly transformative payment solutions to the Libyan market,' states Mr. Samer Soliman, AFS CEO. 'This partnership reflects our mutual vision for advancing financial technology and steering the digital transformation of Libya's payment ecosystem. We are committed to contributing to the vibrant growth and modernization of the country's financial services sector' Dr. Wisam Gouiri, EDF CEO, added, 'Our Teaming Agreement with AFS marks an important milestone in EDF's mission to provide the most innovative and efficient digital payment solutions to Libya. Introducing advanced digital payment systems and accelerating the adoption of secure and efficient payment methods across the country, this partnership will benefit not just our company but also the nation as a whole.'
Zawya
21-04-2025
- Business
- Zawya
AFS and Al-Etihad Al-Dawli advance Libyan payments
Manama, Kingdom of Bahrain - Arab Financial Services (AFS), the innovative leader in digital payment solutions across the Middle East and Africa, is collaborating with Al-Etihad Al-Dawli Fintech Company (EDF) in Libya to elevate the nation's payment ecosystem. Together, they aim to redefine Libya's payment ecosystem by introducing a dynamic suite of advanced digital and electronic payment services. The signing of the Teaming Agreement signals a powerful collaboration, uniting AFS's innovative prowess with EDF's local insight to revolutionize the Libyan market. This alliance promises to equip Libyan businesses, consumers, and financial institutions with seamless, secure, and disruptive digital payment solutions, transitioning to a modern financial future. 'We are thrilled to embark on this ambitious journey with EDF, bringing truly transformative payment solutions to the Libyan market,' states Mr. Samer Soliman, AFS CEO. 'This partnership reflects our mutual vision for advancing financial technology and steering the digital transformation of Libya's payment ecosystem. We are committed to contributing to the vibrant growth and modernization of the country's financial services sector.' Dr. Wisam Gouiri, EDF CEO, added, "Our Teaming Agreement with AFS marks an important milestone in EDF's mission to provide the most innovative and efficient digital payment solutions to Libya. Introducing advanced digital payment systems and accelerating the adoption of secure and efficient payment methods across the country, this partnership will benefit not just our company but also the nation as a whole.' AFS Media Relations Email: pr@ About AFS: Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem. AFS is owned by 37 banks and financial institutions and serves over 60 clients in more than 20 countries across the Middle East and Africa. Today, AFS is the region's leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain and the Central Bank of Egypt and licensed by the Central Bank of UAE, its dedication to innovation has made AFS a driving force in the market offering a rich portfolio of payment solutions including Open Banking Hub, popular digital wallets, market-leading merchant acquisition services, digital payroll solutions and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates. Website: About EDF: Etihad Aldawli Fintech Company (EDF Co.) is a shareholding corporate founded in 2021, its goal is to provide digital transformation technology enablement for Fintech Companies and Banks in addition to its own main eWallet Payment Solution (UniPay). EDF Co. is known as the first company in Libya to be certified with PCI-DSS Attestation of Compliance regarding its Payment solutions, with its sophisticated infrastructure that works with the international standard of ISMS ISO 27001. Website:
Biz Bahrain
25-02-2025
- Business
- Biz Bahrain
AFS Partners with Ternoa using Athar to Pioneer Crypto Payments Across GCC
Arab Financial Services (AFS), the Middle East and Africa region's leading digital payment solutions provider and fintech enabler, has partnered with Ternoa using Athar, a secure and cost-efficient PayFi network designed to onboard billions of retail customers into crypto. Ternoa will introduce Athar, a decentralized consumer finance protocol which makes crypto payments easier and more accessible for everyday transactions. AFS will begin deploying Athar-powered crypto payment solutions for merchants in the UAE. Mr. Samer Soliman, AFS CEO commented: 'AFS is committed to driving innovation in the payments industry and expanding access to seamless, secure, and future-ready solutions. By integrating stablecoins and decentralized finance, we are unlocking new possibilities for merchants and consumers across the UAE, paving the way for the broader adoption of digital payments in the region.' Ternoa CEO, Mr. Mickael Canu added, 'The next big step for blockchain and digital finance is making it useful in everyday life. The payments and financial services industries are massive and bringing them onto Ethereum will open up exciting new possibilities. Our partnership using Athar with AFS will make digital payments faster, more secure, and accessible.' Athar will enable stablecoin payments at Point-of-Sales (PoS) terminals, enhancing transaction efficiency and security for businesses and consumers. Unlike traditional cryptocurrencies, stablecoins are designed to maintain a stable value, typically pegged to fiat currencies like the US dollar or UAE dirham.
