AFS Recognized as Best Fintech Solutions Company 2019
November 3, 2019
3 November 2019 - Manama, Kingdom of Bahrain
Arab Financial Services (AFS), the MEA region’s leading payment solutions provider and Fintech enabler, has been recognized as the “Best Fintech Solutions Company 2019” at the GCC Enterprise Awards. Now in its third year, the GCC Enterprise Awards celebrates the accomplishments made by the most innovative firms and individuals across the region. This is the second consecutive year in which AFS is recognized by the GCC Enterprise Awards; previously AFS was awarded the ‘Most Innovative Fintech Solution Provider 2018.’
AFS Chairman Mr. Sael Al Waary said: “Receiving the “Best Fintech Solutions Company 2019” award is a testament to AFS’ longstanding commitment within the Fintech space, both in Bahrain which is already a Fintech pioneer, and the region as a whole. Through its varied Fintech offering that spans mobile wallets, digital remittance and financial inclusion products, AFS is bringing disruptive and cutting-edge Fintech solutions to the market. I congratulate all members of the AFS family on this milestone – one of many as they continue on their trajectory to further embed a digital lifestyle across the region.”
AFS CEO Mr. B Chandrasekhar said: “We are delighted to receive this award. The 2019 GCC Enterprise Awards recognizes AFS’ innovative strength in delivering best-in-class Fintech solutions across the region. In Bahrain, and in line with the Government of Bahrain’s vision to move towards a digital, cashless society, AFS pioneered bwallet in 2018. bwallet was Bahrain’s first mobile wallet to facilitate peer-to-peer and cashless transactions and today is the Kingdom’s leading mobile wallet. This is one example of a broad spectrum of innovative Fintech offerings and ground-breaking payments solutions delivered by AFS."
AFS’ Fintech solutions include mobile wallets, payroll solutions and digital banking products across the MEA region. In the Sultanate of Oman, and in collaboration with the leading telecommunications company and a banking partner, AFS launched eFloos in 2019. eFloos is the first-of-its-kind digital wallet in Oman, allowing smartphone users to make QR based payments to merchants, add, send & receive funds to/from other wallets, thereby expanding Oman’s application of e-payment facilities. Catering to unbanked populations, AFS launched Bahrain’s first digital payroll solution ‘Al Rateb’ in 2019. Al Rateb is a convenient and simple wage protection system that enables employers to pay wages digitally to those of their employees who do not have a bank account.
With more than 30 years of experience, AFS serves over 75 clients across the financial sector in more than 21 countries. AFS is owned by 37 banks and financial institutions and regulated by the Central Bank of Bahrain. The company offers innovative and end-to-end payment services and solutions that span card processing, merchant acquiring, Fintech and a state-of-the-art value-added services suite. AFS has introduced significantly disruptive and cutting-edge Fintech solutions in recent years: In 2018, AFS introduced bwallet to the region - the first mobile wallet facilitating peer-to-peer and cashless transactions. Today, bwallet has established itself as the market leader with a significant user and merchant footprint across the Kingdom of Bahrain. EasyPay was another first from AFS - Bahrain’s first NFC payment service allowing payments with a tap of the mobile. Other innovations rolled out by AFS have been electronic KYC, Peer-to-Peer (P2P), Peer-to-Merchant (P2M), QR enabled payments, Tokenization, Remittance, WPS and Digital Banking solutions.