Following this announcement, both financial institutions will focus on their shared commitment to providing small and medium-sized enterprises (SMEs) in Bahrain with optimised, secure, and efficient financial solutions.
The Arab Financial Services (AFS) was developed in order to provide payment products, solutions, and overall expertise to banks, merchant groups, and financial institutions, as well as deliver customised payment services in an increasingly divergent, dynamic, and secure payment ecosystem. Xpence represents a financial management platform in the region of Bahrain, designed specifically for businesses, offering a comprehensive and safe suite of tools to streamline financial operations.
The Xpence and Arab Financial Services (AFS) collaboration is expected to launch an improved approach to SME financial management in the local market by combining Xpence’s spend management tool with AFS’s robust and efficient digital payment infrastructure.
At the same time, the collaboration will focus on providing small and medium-sized enterprises in the region with safe access to a suite of financial products that were developed in order to improve their operational efficiency by leveraging spend management to integrated Visa card solutions, all underpinned by the security and reliability of AFS’s payment network.
Throughout this strategic deal, Xpence is set to provide its expertise and suite of capabilities in order to meet the needs, preferences, and expectations of Bahraini SMEs, while also integrating AFS’s optimised payment processing products. In addition, by using AFS’s presence and expertise, this alliance will also focus on expanding Xpence’s footprint in the GCC, with Bahrain servicing as a key market.
The collaboration will also align with Bahrain’s economic vision, by incorporating improved financial technologies into the SME sector. AFS and Xpence will also contribute to the economic diversification and digital optimisation of Bahrain, while remaining compliant with the laws and regulatory requirements of the region as well. Furthermore, participation in the Visa Fintech Fast Track programme will allow Xpence to accelerate the process of integrating with Visa, as well as enable it to leverage the reach, capabilities, and security that the company offers more easily and efficiently.
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