Manama, Kingdom of Bahrain - Wednesday 14 February 2024: In a landmark move set to redefine financial management for small and medium enterprises (SMEs) in Bahrain, Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, has entered a strategic partnership with Xpence, the award-winning financial management platform. This partnership was ceremonially inked at the Fintech Revolution Summit in Bahrain on February 14, 2024, and underscores a shared commitment to providing SMEs in Bahrain with advanced, secure, and innovative financial solutions.

Xpence and AFS's collaboration introduces a pioneering approach to SME financial management in Bahrain, combining Xpence's acclaimed spend management solutions with AFS's robust digital payment infrastructure. This alliance is poised to deliver unparalleled financial control and efficiency to Bahrain's burgeoning SME sector, driving innovation and growth within the regional economy. SMEs in Bahrain can now access a suite of financial tools designed to enhance their operational efficiency, from seamless spend management to integrated Visa card solutions, all underpinned by the security and reliability of AFS's payment network.

Tailored Financial Solutions for Bahrain's SMEs: The partnership uniquely positions Xpence to tailor its offerings to the specific needs of Bahraini SMEs, integrating AFS's superior payment processing prowess.

Expanding Horizons: By leveraging AFS's established presence and expertise, this strategic alliance also signifies Xpence's commitment to expanding its footprint in the GCC, with Bahrain serving as a key market.

Leveraging Visa Fintech Fast Track for Enhanced Financial Solutions: Participation in the Visa Fintech Fast Track program accelerates the process of integrating with Visa, allowing Xpence to more easily leverage the reach, capabilities, and security that Visa offers.

Empowering Economic Vision: The collaboration aligns with Bahrain's economic vision. By introducing cutting-edge financial technologies to the SME sector, AFS and Xpence are not only enhancing business operations but also contributing to the economic diversification and digital transformation of Bahrain.

Executive Insights

Mohammed Ajmal Basheer, Head of Processing at AFS, said, "This partnership underscores our commitment to building inclusive payment ecosystems for SMEs. We are excited to work with Xpence to develop and power digital payment tools that cater to their specific needs, supporting their digital transformation journey."

Hussein Al Herz, Co-Founder of Xpence, expressed enthusiasm about the partnership, stating, "Joining forces with AFS marks a significant milestone in our mission to revolutionize SME financial management in the GCC. This partnership is a testament to our shared vision of empowering businesses with innovative financial solutions that drive growth and efficiency."

About Xpence

Xpence is the first financial management platform in the region designed specifically for businesses, offering a comprehensive suite of tools to streamline financial operations. With features including virtual and physical Visa cards, real-time monitoring, and automated bookkeeping, Xpence empowers businesses to manage their finances with unprecedented ease and efficiency. For more information, visit www.xpence.com

About Arab Financial Services (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, the Company’s ground-breaking, end-to-end payment services and solutions span debit, credit, and Islamic card processing, Merchant Acquiring, fintech and a state-of-the-art, value-added services suite. 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.

Visit www.afs.com.bh for more information and join the conversation on LinkedIn.