Bahrain-based Arab Financial Services, backed by 37 financial institutions in the region, has joined hands with UAE-based Aafaq Islamic Finance to support emerging and existing fintech start-ups bring to market new products and services into the Emirate.
This collaboration is in line with AFS’s Regional Partner Program, designed to provide a platform for fintech start-ups to launch, expand and scale their products across the region. Growing the payment landscape is a particular focus as AFS – a subsidiary of Bank ABC – is a digital payments solutions provider and fintech enabler serving more than 60 clients in over 20 jurisdictions.
“AFS recognizes 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 BIN [bank identification number] sponsorship, technology, operation and distribution to all fintechs and start-ups in the UAE,” commented Samer Soliman, CEO of AFS.
Dubai-based Aafaq, which provides Shariah compliant retail and business banking products and services, is hoping to leverage on this new partnership to tap a new segment of customers as well as introduce new products, CEO Rashid Mahboob Al Qubaisi, shared.