MANAMA: Bahrain-headquartered Arab Financial Services (AFS), a leading provider of digital payment solutions and a prominent fintech enabler across the Middle East and Africa, announced its strategic expansion into the United Arab Emirates (UAE). This move follows the successful acquisition of a Retail Payment Services License – Category II from the Central Bank of the UAE by Arab Financial Services L.L.C, allowing AFS to introduce a comprehensive suite of innovative and secure payment solutions tailored to the country’s dynamic financial landscape.
“This license acquisition marks a pivotal juncture in our regional expansion strategy,” Samer Soliman, CEO of AFS, said.
“We are excited to launch our innovative payment solutions in the UAE, a nation renowned for its progressive vision for digital transformation. Our advanced suite of services will empower consumers and businesses alike with enhanced convenience, security, and financial freedom.”
“Expanding into the UAE is a tremendous opportunity for us to bring our market-leading payment and fintech capabilities to a country that values innovation and security in digital financial services,” Rizwan Khan, Managing Director for AFS UAE and Oman. “We are delighted to partner with local businesses and regulatory bodies to help nurtu saidre an inclusive digital ecosystem that meets the fast-evolving needs of the UAE and contribute to strengthening the country’s standing as a global fintech hub.”
Backed by a substantial US$150 million in funding, AFS’s entry into the UAE market highlights its steadfast commitment to revolutionizing the financial services sector. This strategic initiative aligns seamlessly with the country’s ambition to solidify its position as a global financial leader. By leveraging its deep expertise and advanced technology, AFS is set to empower businesses and consumers with secure, user-centric payment solutions that enhance financial accessibility and significantly contribute to the UAE’s economic growth.
To mark the occasion, AFS hosted a high-profile launch event in the UAE. Distinguished guests included AFS Chairman Sael Al Waary and Board of Directors, as well as government officials, VIPs, partners, merchants, and industry leaders. The event celebrated the company’s remarkable achievements and underscored its immense potential to advance the country’s digital payments ecosystem.
