Arab Financial Services (AFS), majority-owned by Bahrain-based Bank ABC, and Aafaq Islamic Finance have announced a strategic partnership to support fintech startups in launching products and services in the UAE.
AFS, an end-to-end digital payment services and solutions provider, said the partnership is integral to its regional partner programme whereby it provides a platform for fintech firms to launch, expand and scale their products across the region.
“Technology and innovation have become an imperative in today’s modern payments system. AFS recognises the importance of new-age technology and continues to create shared initiatives and platforms that support the development and growth of the fintech ecosystem. In this collaboration, we are combining expertise and knowledge that provides a framework of Bank Identification Number (BIN) sponsorship, technology, operation and distribution to all fintechs and startups in the UAE,” said AFS chief executive Samer Soliman.
According to Aafaq Islamic Finance chief executive Rashid Al Qubaisi the agreement with AFS aligns with the Sharia-compliant firm’s commitment to supporting the UAE’s growing fintech ecosystem.
“Over the past years, there has been significant growth in financial technology and digital services. We aim to reach a new segment of customers, in order to keep pace with the rapidly growing market. We are excited to work with AFS – being one of our trusted partners, to bring innovative products to the market,” he added.