Arab Financial Services (AFS) enters strategic partnership with Xpence to transform SME financial management in Bahrain

Manama, Kingdom of Bahrain – Wednesday February 14, 2024: In a groundbreaking move to redefine financial management for small and medium-sized enterprises (SMEs) in Bahrain, Arab Financial Services (AFS), a leading digital payment solutions provider and fintech enabler in the Middle East and Africa, has entered into a strategic partnership with Xpence. An award-winning financial management platform. The partnership was officially signed at the Fintech Revolution Summit held in Bahrain on February 14, 2024, and highlights their joint commitment to providing advanced, secure and innovative financial solutions to small and medium-sized businesses in Bahrain.

The collaboration between Xpence and AFS introduces a pioneering approach to SME financial management in Bahrain, combining Xpence’s acclaimed spend management solutions with AFS’ robust digital payments infrastructure. The alliance is poised to provide unparalleled financial control and efficiency to Bahrain’s burgeoning small and medium-sized enterprise sector, driving innovation and growth within the regional economy. Small and medium-sized businesses in Bahrain now have access to a suite of financial tools designed to improve operational efficiency, from seamless spend management to integrated Visa card solutions, all built on the security and reliability of the AFS payments network.

Tailor-made financial solutions for small and medium-sized businesses in Bahrain: This partnership puts Xpence in a unique position to integrate AFS’ superior payment processing capabilities and tailor its offering to the specific needs of Bahraini SMEs.

Expand your horizons: By leveraging AFS’s established presence and expertise, this strategic partnership also signals Xpence’s commitment to expand its presence in the GCC, with Bahrain as a key market.

Take advantage of the Visa Fintech Fast Track for enhanced financial solutions: Participating in the Visa Fintech Fast Track program will accelerate the integration process with Visa, making it easier for Xpence to leverage the scope, functionality and security that Visa offers.

Strengthening our economic vision: This cooperation is consistent with Bahrain’s economic vision. By bringing cutting-edge financial technologies to the SME sector, AFS and Xpence are not only improving business operations, but also contributing to Bahrain’s economic diversification and digital transformation.

Executive Insights

Mohammed Ajmal Basheer, Head of Processing at AFS, said: “This partnership highlights our commitment to building a comprehensive payments ecosystem for small and medium-sized businesses. We are excited to work with Xpence to develop and enhance digital payment tools that meet our customers’ specific needs and support their digital transformation journey.”

Hussein Al Herz, co-founder of Xpence, expressed his enthusiasm for the partnership, saying, “Collaborating with AFS is an important milestone in our mission to transform SME financial management in the GCC.” “This partnership is a testament to our shared vision of empowering businesses with innovative financial solutions that drive growth and efficiency.”

Introduction to Expence

Xpence is the region’s first financial management platform designed specifically for businesses, offering a comprehensive suite of tools to streamline financial operations. With features including virtual and physical Visa cards, real-time monitoring, and automated bookkeeping, Xpence helps businesses manage their finances with unprecedented ease and efficiency. For more information, visit www.xpence.com.

About Arab Financial Services (AFS)

Arab Financial Services (AFS) was founded in 1984 to provide payment products, services and expertise to banks and merchant groups and to provide tailored payment solutions in an increasingly diverse, disruptive and dynamic payments ecosystem.

AFS is owned by 37 banks and financial institutions and serves more than 60 customers in more than 20 countries across the Middle East and Africa. Today, AFS is the region’s leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain, the company’s groundbreaking end-to-end payment services and solutions encompass debit, credit, Islamic card processing, merchant acquisition, fintech and cutting-edge value-added services. Service Suite. AFS, which provides the highest quality payment solutions trusted by businesses, has offices and data centers in the Kingdom of Bahrain, the Arab Republic of Egypt, the Sultanate of Oman and the United Arab Emirates.

For more information, visit www.afs.com.bh and join the conversation on LinkedIn.