Latest news with #DigitalWallet
Mid East Info
14-05-2025
- Business
- Mid East Info
Al Ansari Financial Services' net profit after tax surges 10% to AED 109 million underpinned by strong operating income and robust performance across all business lines
Financial and Operational Highlights: 7% YoY increase in Operating Income to AED 294 million attributed to an increase across all business lines. Operating Income 13% YoY increase in EBITDA to AED 138 million with an EBITDA Margin of 46.8% due to increase in operating income. EBITDA Net profit after tax increased by 10% YoY to AED 109 million due to notable increase in operating income. Total Transactions increased by 1% YoY to 12.5 million transactions. Bank Notes value of transactions reported a 6% increase YoY to AED 22 billion. Wage Protection System (WPS) number of salary disbursals saw a growth of 27% YoY reaching 2.5 million . . Digital channels reported an increase of 16% YoY in the number of transactions conducted across the Group's digital platforms, accounting for 24% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. Al Ansari Exchange's total number of physical branches reached 270 by Q1'25. Al Ansari Financial Services closed the acquisition of BFC Group Holdings W.L.L. The figures will be consolidated in Q2'25. Al Ansari Exchange in Kuwait will be acquired by Al Ansari Financial Services by Q2'25, with synergies to be realised by Q3'25. Al Ansari Digital Wallet is set to be launched in Q2'25. Dubai, UAE – May 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial services provider in the GCC and parent company of Al Ansari Exchange, has delivered an outstanding performance in the first quarter of 2025 ('Q1'25'), reporting a 7% year-on-year (YoY) surge in operating income to AED 294 million. This impressive growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) Q1'25 Q1'24 % change (YoY) Operating Income 294,204 274,726 7% EBITDA 137,666 122,415 13% EBITDA Margin (%) 46.8% 44.6% Net Profit after Tax 108,854 98,744 10% Earnings per Share 0.0145 0.0132 10% Free Cash Flow (FCF) 132,577 114,838 15% Operational Highlights Q1'25 Q1'24 Change (unit) (YoY) No. of physical branches in UAE 270 259 11 new branches since Q1'24 Total No. of transactions 12.5 mn 12.0 mn 1% Digital Channels – No. of transactions 1.3 mn 1.1 mn 16% Q1'25 FINANCIAL PERFORMANCE COMMENTARY Strong performance across all revenue streams and efficient cost management has led to a Net Profit after tax of AED 109 million, representing a 10% YoY growth. EBITDA margin witnessed an increase to 46.8% in line with the rise in operating income despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. The Group's strategic focus on digital transformation and optimised branch network expansion resulted in a 33% reduction in Capital Expenditure (CAPEX) for Q1'25, with a Free Cash Flow of AED 133 million and a 96% EBITDA to cash conversion rate. Q1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions for Q1'25 grew by 1% compared to the same period last year, reaching a 12.5 million transactions. Improved conditions across key remittance corridors have strengthened the operating environment; however, the market continues to navigate pressures from certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 4% YoY to AED 171 million, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group maintained a resilient performance in this segment during Q1'25 reporting an increase in Banknotes Operating income by 7% YoY to AED 93 million. Strategic partnerships, strong performance and increased demand on our prepaid cards, and the UAE's surge in tourism enabled us to navigate disruptions and continue meeting and exceeding customer demand. The Group's Wage Protection System (WPS) Other Products & Services business delivered stable growth in Q1'25, with operating income increasing by 26% YoY to reach AED 30 million. This growth was driven by the UAE's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. Our robust digital payroll offerings and extensive branch network have enabled us to deepen client relationships and support the evolving needs of businesses across sectors. This steady performance reaffirms our strategic role in facilitating financial inclusion and supporting the UAE's economic momentum. The Group's continued investment in digital innovation is yielding strong results, with a notable 16% YoY increase in the number of transactions conducted through our digital channels in Q1'25, with Digital Channels contributing to 24% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to delivering a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We began 2025 with strong momentum, and our first-quarter results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. Despite ongoing geopolitical challenges and fierce competition, we achieved solid growth across our core segments through disciplined execution and an unwavering focus on customer experience. We successfully maintained our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our successful efforts to drive innovation and expand access to essential financial services. Our performance across remittances, WPS, and banknotes reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE and beyond. We delivered on our promise, expanding in line with our strategy and doubling the number of countries in which we operate. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for sustained success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been both promising and exceeding expectations . As we look ahead, we remain deeply aligned with the UAE's vision for a digitally empowered, inclusive economy. We will continue investing in technology, deepening customer engagement, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'Q1 2025 was defined by strong operational execution across the Group, as we focused on driving efficiency, strengthening service delivery, and preparing for future growth. We achieved notable improvements in process optimisation and customer engagement across both physical and digital touchpoints. A key milestone was the successful closing of the BFC acquisition, which marks a major step forward in our regional growth strategy. Integration efforts are progressing smoothly, and we expect to begin reflecting the impact of this consolidation in Q2 2025. This acquisition not only expands our geographic reach but also enhances our ability to serve a broader customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and unlocking synergies that will reinforce our leadership in the non-banking financial services sector.
Business Wire
07-05-2025
- Business
- Business Wire
European Fintech Company iCard Achieves Secure Customer Verification in Under 60 Seconds with Regula's Solutions
RESTON, Va.--(BUSINESS WIRE)-- iCard, a leading European e-money institution, has successfully upgraded its customer checks with Regula's advanced biometric and document verification technologies. By integrating Regula Face SDK and Regula Document Reader SDK with its KYC (Know Your Customer) and risk assessment systems, iCard has moved to speedy, automated verification with improved fraud detection, and enhanced the overall experience for customers in 30+ countries. As a licensed fintech organization, iCard must comply with strict European KYC regulations while maintaining a robust risk assessment system alongside low-effort customer experience. Prior to implementing Regula's solutions, manual verification processes led to inefficiencies, longer wait times, increased fraud, and potential friction for users. Customers often had to re-upload photos or wait for manual reviews, causing delays—especially outside business hours. Additionally, iCard needed a more comprehensive document verification system that was capable of recognizing a broader range of ID types. The Regula Solution: Fast and Fraud-Free Identity Verification To modernize and automate its verification process, iCard selected Regula's complete solution for document and biometric verification for its industry-leading accuracy, ease of integration, and ability to meet the company's specific requirements. Regula Face SDK: Integrated into the iCard Digital Wallet app (Android and iOS), it provides fast and reliable biometric verification when a user logs in or performs a money transaction. The solution conducts instant liveness detection and face matching, preventing fraud attempts, including presentation attacks, deepfakes, or injected videos. Regula Document Reader SDK: Deployed in iCard's back-office system, it automatically authenticates ID cards, passports, and residence permits, including previously unsupported paper-based IDs. Regula's solution reads and authenticates data from multiple document zones, including MRZs (machine-readable zones), RFID chips, and barcodes, and cross-validates the information to detect any inconsistencies that may indicate fraud. Tangible Business Benefits The project was completed in just one month, and the impact has been immediate: Instant identity verification – Customers can now authenticate their identity in under a minute. Reduced operational costs – Automated verification processes have minimized manual reviews. Enhanced fraud prevention – Advanced biometric and document verification strengthen security measures. Increased conversion rates – Faster verification leads to a smoother onboarding experience and reduced drop-off rates. 'Implementing Regula Face SDK and Regula Document Reader SDK has optimized our internal processes while ensuring a seamless experience for iCard Digital Wallet customers. The integration was completed in a short period, resulting in fast and secure identity verification, improved operational efficiency, and reduced fraud risks—all while boosting customer satisfaction,' says Gabriela Anastasova, Chief Product Officer at iCard. 'In today's fintech landscape, balancing security and user convenience is critical. Customers expect seamless access, while businesses must comply with strict regulations and defend against sophisticated fraud. We are proud to support iCard in finding that perfect balance. Our solutions ensure that every identity check is robust, automated, and frictionless, allowing fintech innovators like iCard to scale securely and efficiently,' comments Ihar Kliashchou, Chief Technology Officer at Regula. To learn more about how iCard optimized identity verification with Regula's solutions, read the full case study on Regula's website. About iCard iCard is a licensed e-money institution and a leader in the European fintech sector. With over 18 years of experience, we deliver innovative payment services to both individual and business clients. Our mission is to make financial convenience accessible to everyone. That's why we dedicate our time and resources to creating solutions that empower people and businesses to take full control of their funds, while ensuring a seamless customer experience through secure, innovative, and hassle-free financial and technological services. Learn more at About Regula Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.
Hi Dubai
29-04-2025
- Business
- Hi Dubai
MoHRE Launches Digital Wallet to Streamline Corporate Payments
The Ministry of Human Resources and Emiratisation (MoHRE) has launched the "Digital Wallet" in partnership with Abu Dhabi Islamic Bank, marking a major step in the UAE's drive toward full digital transformation of government services. Designed for corporate customers, the new Digital Wallet allows instant payment of MoHRE service fees and financial obligations. By directly linking the Ministry with the bank, the platform offers a seamless, fully integrated financial service aimed at improving efficiency and adding value for users. Mohammed Saqr Al Nuaimi, Assistant Undersecretary for Support Services at MoHRE, urged companies to register for the Digital Wallet through the Ministry's platforms. Companies can begin using the service once their registration is approved by the bank. The launch represents the first phase of the initiative. MoHRE plans to expand the wallet's capabilities by including multiple bank options, supporting broader financial inclusion and aligning with the Ministry's goals to boost labour market efficiency, ease of doing business, and strengthen the UAE's global competitiveness. Al Nuaimi emphasized that the initiative is part of a wider effort to reinforce the Zero Bureaucracy Programme, streamline operations, and deliver a superior customer experience, further establishing the UAE as a leader in digital government services. MoHRE's achievements in digital transformation have been notable, including a 59% rise in smart transactions in 2024 compared to the previous year, and significant reductions in service delivery times through the Zero Bureaucracy Programme. These advancements highlight the Ministry's role in setting new standards for innovation and efficiency in public service. News Source: Emirates News Agency
Al Etihad
28-04-2025
- Business
- Al Etihad
MoHRE launches ‘Digital Wallet' to provide integrated financial services to companies
28 Apr 2025 19:38 DUBAI (WAM) The Ministry of Human Resources and Emiratisation (MoHRE), in cooperation with Abu Dhabi Islamic Bank, has launched the "Digital Wallet" as part of its digital services package aligned with the UAE's strategy for comprehensive digital transformation of government "Digital Wallet" allows corporate customers to make payments for MoHRE's services and settle fees and financial obligations instantly. By linking the Ministry with the bank, the wallet offers fully integrated financial services that enhance service efficiency and deliver added value to Saqr Al Nuaimi, Assistant Undersecretary for Support Services at MoHRE, called on companies to register for the "Digital Wallet" on MoHRE's platforms via the "Electronic Wallet Registration for Companies" may begin using the wallet for payments upon approval of the registration request by the added that the launch of the wallet is the first phase of the service, which will be expanded to include multiple bank options in due course. This will support financial inclusion and align with the Ministry's strategy to enhance labour market efficiency, ease of doing business, competitiveness, flexibility and attractiveness – consolidating the country's position as a leading hub for investment and affirmed the Ministry's ongoing efforts to expand digital transformation, further strengthen the integration of the Zero Bureaucracy programmer by connecting with various entities, streamline business operations, and provide a superior customer experience, reinforcing the UAE's leading position in government services, digital transformation, and integrated service Ministry of Human Resources and Emiratisation has achieved remarkable milestones in digital transformation, especially after transferring all Ministry operations to also successfully completed over 34 million smart transactions for customers in 2024, a 59% increase from 2023, and received numerous awards for its efficient, innovative, and integrated approach to eliminating government the completion of its first phase, the Zero Government Bureaucracy Programme achieved a 100% completion rate for 52 services in its second phase. This resulted in a dramatic reduction in transaction completion time, from 30 working days to just 5, with some services now available instantly, as well as a reduction in the required visits, underscoring the radical digital transformation of government services.
