Manama, Kingdom of Bahrain: 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.

AFS Media Relations
Email: pr@afs.com.bh

About AFS:

Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem.

AFS is owned by 37 banks and financial institutions and serves over 60 clients 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 and the Central Bank of Egypt, its dedication to innovation has made AFS a driving force in the market offering a rich portfolio of payment solutions including Open Banking Hub, popular digital wallets, market-leading merchant acquisition services, digital payroll solutions and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates.

About Zand:

Zand is a fully licensed bank by the Central Bank of UAE since July 2022. Our mission is to enable our UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive together positive impacts in the evolving digital economy. Think beyond banking; think Zand, where infinite opportunities await. For more information, please visit www.zand.ae.