Zand Bank Partners with AFS to Empower FinTech Innovation
Manama, Kingdom of Bahrain, 11 October 2024: Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, has signed a strategic agreement with Zand, the UAE’s first fully licensed all-digital bank. This collaboration aims to provide Fintechs and emerging players with AFS's cutting-edge processing services and Zand Bank’s BIN Sponsorship and banking facilities, enabling them to issue prepaid cards and other banking solutions at pace and with ease.
Fintechs looking for BIN sponsorship will be able to access AFS’s latest card processing capabilities through Zand’s BIN with AFS, facilitating quicker market entry and supporting the rapid development of innovative financial products in the region.
AFS CEO Mr. Samer Soliman said, "Our partnership with Zand represents a significant milestone in our mission to empower Fintechs with the tools and infrastructure they need to innovate and grow. We are committed to nurturing a dynamic, efficient, and powerful ecosystem that will drive the next wave of digital transformation in the financial services sector."
Zand CEO Mr. Michael Chan added, “Our collaboration with AFS enables Fintechs to focus on what they do best—innovation and customer acquisition. By providing the necessary infrastructure and compliance framework, we are lowering the barriers to entry for new financial players, thereby driving greater innovation and inclusivity in the financial services industry.”
The partnership underscores Zand and AFS's commitment to advancing the digital economy and reinforces the company's position as a key enabler of innovation in the region's financial services landscape. By providing seamless access to essential payment infrastructure, Zand and AFS empower Fintechs to accelerate their growth and deliver cutting-edge solutions, ultimately driving greater financial inclusion and fostering a more competitive market.