Kiya.ai partners with Arab Financial Services

India-based fintech Kiya.ai has partnered with Arab Financial Services (AFS) and extended its global presence in the Middle East and Africa.

According to the official press release, the partnership marks Kiya.ai’s – a fintech that extends AI-based omnichannel banking, core-banking tech, regtech, and metaverse solutions – expansion into the Middle East and Africa. This is made possible by leveraging AFS’ standing as an entity regulated by the Central Bank of Bahrain, as well as a digital payment solutions provider and fintech enabler in the region. Kiya.ai has previously worked with over 110 financial institutions across the MEA. 

The collaboration further aims to enhance the technological landscape of the banking and financial services industry in the Middle East and Africa. Via the partnership, Kiya.ai and AFS reportedly strive to offer banking suite solutions and to onboard financial institutions from countries in the region.

For the AFS, the new joint venture will reportedly enable it to further enhance its products and solutions portfolio with Kiya.ai’s domain expertise and banking technologies, encompassing core banking, digital banking, internet banking, electronic customer onboarding, and trade finance solutions.

Kiya.ai and AFS’ strategies and previous developments

Kiya.ai is a digital solutions provider catering to financial institutions and governments around the globe by extending financial services, core banking, digital payments, governance, risk, compliance solutions, and market-ready processes. The fintech reportedly serves over 500 enterprises spanning 56 countries across South-East Asia, Africa, the Middle East, Europe, and North America. 

In 2022, it was announced that Kiya.ai launched Kiyaverse, one of India's first banking metaverse. 

Arab Financial Services provides payment products, services, and expertise to banks and merchant groups. AFS is owned by 37 banks and financial institutions and offers its services to more than 60 clients in over 20 countries across the MEA region. The company’s payment offerings include debit, credit, Islamic card processing, and merchant acquiring, among others. 

In 2023, the AFS launched its second-generation digital payments solution, AFS Pay, a tap-to-phone service and one of the first products to transform Android devices into smart Point of Sale (POS) terminals that enable contactless payment acceptance in Bahrain.