AFS Adds International Prepaid Mobile Top Up to Suite of Services

We are delighted to announce that Arab Financial Services (AFS), the MEA region’s leading payment solutions provider and FinTech enabler, has added seamless international bill payments services to its scope of offerings, in partnership with Decimal Factor.

AFS partners and financial institutions can avail of the company’s growing financial ecosystem which now includes local and international telco. payments. The initial service offering is International Prepaid Mobile Top Up, allowing customers to top up any international prepaid mobile phone account, digitally, in over 150 different countries, including neighboring GCC states, and with almost 700 different operators across the globe.

Mr. B Chandrasekhar, Chief Executive Officer of AFS said: “AFS’ market-leading technology brings a first-of-its-kind, innovative service to our partners in the Kingdom and across the region. Our international bill payments service offers superior, streamlined processes that further empower our partners and their customers while still maintaining all the controls and safety measures which we stand for as a company. We look forward to seeing how this new, technology-driven solution further shapes the financial landscape in which we operate.”

Manoj Karkhanis, CEO Decimal Factor, said: “It’s a pleasure to offer our bespoke UK platform and APIs to enable services for AFS. We believe AFS is revolutionizing payments in their region and we are happy to play our part to strengthen AFS’s initiative. In future we plan to work closely with AFS to bring acceptance of their digital solutions to UK merchants and take our relationship to new heights. This marks the beginning of a mutually beneficial relationship.”

AFS serves over 75 clients across the financial sector in more than 21 countries. It 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 offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified. Recipient of several global awards, AFS has most recently been recognized as of ‘The Most Innovative FinTech Solution Provider 2018’ at the GCC Enterprise Awards 2018 and ‘Best Payment Service Provider – Bahrain 2017’ by Global Banking and Finance Review. Finzo, a wholly-owned FinTech subsidiary of AFS, is licensed by the CBB as Ancillary Services Provider and Payment Services Provider. The Finzo website can be accessed at www.finzodigital.com

About AFS:

Established in 1984, Arab Financial Services (AFS) is the MEA region’s leading payment solutions provider and FinTech enabler.

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.

Focused on introducing innovative payment products and cutting edge FinTech solutions that support governments on their trajectory towards a digital economy, AFS can empower businesses by exploring and investing in superior technologies that help shape the future of financial experiences and how they are conducted: anytime, anywhere and anyhow.

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. 2018 also saw AFS launch merchant acquiring services to banks in both Bahrain and the Sultanate of Oman including end-to-end platform, settlement, eCommerce and integrated POS devices supporting contactless cards, NFC, QR and other forms of payment acceptance.

Serving 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.

AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified.

Recipient of several global awards, AFS has most recently been recognized as of ‘The Most Innovative FinTech Solution Provider 2018’ at the GCC Enterprise Awards 2018 and ‘Best Payment Service Provider – Bahrain 2017’ by Global Banking and Finance Review.

For further information visit www.afs.com.bh

$500k unsecured facility for a Coventry (UK) based business

Decimal Factor recently assisted a Coventry-based business with obtaining a $500k unsecured business loan facility through one of our preferred Business Cash Advance lender.

The customer needed to raise funds for bulk stock purchasing along with carrying out store refurbishments. Initially, they had planned to do this by approaching their bank, but the process was taking too much time, along with endless requirement of documents.

Our Business development director had been in touch with the customer for a couple of months and during one of his follow up calls, the customer mentioned their pressing requirements.  Our director discussed the range of alternative finance products available and within no time, the customer agreed to a business cash advance option.

We therefore assisted the customer with getting a $500k unsecured loan facility on the basis of their card sales. This did require for Decimal Factor to gain a full understanding of the client’s business model so that our Business development director could accurately relay our customer’s requirements to the lender and arrange the documents required by the lender in a timely fashion. Owing to our Business development director’s persistence and determination and consistent follow up with the lenders, we were able to close the deal within 10 days.

All communications with the customer happened over the telephone and this resulted in faster response times, quicker exchanges of information and documents together with the e-signing of contracts.

If you’d like to find out more about our offering or would like to discuss a case, please get in touch today.

Akshay Sharma

Chief Operating Officer