Zain FinTech and Al Ansari Partnership to Revolutionise Region’s Financial Landscape

Zain FinTech, the financial services arm of Zain, a leading regional telecom group operating in seven markets across the Middle East and Africa (MEA), signed a Memorandum of Understanding (MoU) with the UAE-based Al Ansari Financial Services, one of the leading integrated financial services groups with operations across the region.

The alliance marks the beginning of a promising collaboration between the two organisations, focused on harnessing technology to enhance financial services for their customers across markets, Al Ansari Financial Services said in a filing to Dubai Financial Market (DFM) on Wednesday.

The MoU was signed by Bader Al Kharafi, Zain Vice-Chairman and Group CEO and Rashed A Al Ansari, Group CEO of Al Ansari Financial Services, setting the stage for an exciting partnership that will leverage the strengths of both companies to drive innovation and improve financial services delivery across the region.

In his comments, Al Kharafi said that as a key part of Zain’s ‘4Sight’ growth strategy focuses on maximising the enormous opportunities in the digital financial arena on the back of our footprint, customer base, and leading technologies.

“We aim to expand our innovative fintech service offerings to advance the region’s digital ecosystem and will continue pushing the boundaries, leveraging on the vast network of strategic partners in each of our markets,” Al Kharafi added.

Al Ansari said that they were excited to join forces with Zain, a company that shares Al Ansari’s passion for innovation and their commitment to deliver exceptional financial services. “Through this collaboration, we aim to revolutionise the financial landscape and provide our customers with the latest technology-driven solutions,” he added.

By investing in financial technology and other contemporary tools, and harnessing the power of these solutions, both Zain FinTech and Al Ansari Financial Services aim to redefine the remittance experience and enable convenient and secure transfer of funds.

The partnership will enable both entities to effectively advance financial services and technological solutions in the region, ensuring improved customer experiences for the markets in which both entities operate.

Zain FinTech Umbrella

As the financial services arm of Zain Group, operating fintech services across its Middle East and African footprint. Zain FinTech offers an appealing and much needed range of innovative products and services related to payments, remittances, credit cards and micro-finance within the Zain ecosystem and beyond.

Zain FinTech’s B2B SAAS solution provider ‘FOO’ specializes in empowering businesses providing innovative fintech solutions, built entirely in-house, which optimize digital capabilities for clients across diverse industries and enables them to deliver an unparalleled user experience.

About Al Ansari Financial Services

As one of the leading integrated financial services groups in the region, the company empowers its operating subsidiaries such as Al Ansari Exchange, Al Ansari Exchange Kuwait, Worldwide Cash Express, CashTrans and Al Ansari Digital Pay (under incorporation in the UAE), to unlock their growth potential through synergy.

The Group’s global platform provides cross-border payments, foreign currency exchange solutions, access to the Wage Protection System (WPS) in the UAE, and other services such as bill collection and prepaid cards, as well as payment technology solutions to consumers and businesses in the large and growing payments and foreign currency exchange and remittance market in the UAE.

The Group delivers its products and services through a comprehensive global network underpinned by its proprietary technology and relationships with third parties.