AFS: Transformative Trends in Payment Technology
Over nearly forty years, AFS has witnessed a remarkable evolution in payments technology. The journey from paper-based transactions to advanced digital solutions has been transformative. The industry has seen significant milestones, such as the introduction of Chip and PIN, contactless payments, and tokenization, which have greatly enhanced payment security. As new players entered the field and digital transformation accelerated, AFS has been at the forefront, leading innovations in cloud-based payments and exploring the potential of the metaverse. Looking ahead, the industry is set to continue its rapid evolution, driven by the ever-changing needs of end users.
Impact of Digital Wallets on AFS’s Business
The advent of digital wallets has had a profound impact on AFS’s operations. Since my appointment as CEO, our mission has been to spearhead the digitization of payment processing across the MENA region. Our approach integrates cutting-edge technology with a flexible business model to meet diverse customer needs. A prime example of this is the recent launch of the AFS BPay app.
AFS BPay: Benefits and Features
AFS BPay represents our latest venture into digital payments. This secure, user-friendly app is part of a nationwide initiative to make Bahrain a cashless society and aligns with the Kingdom’s digital transformation goals. BPay facilitates transactions for consumers, merchants, and businesses through smartphones, offering a range of services including purchasing goods and services, peer-to-peer transfers, bill payments, and international remittances. Enhanced security features like eKYC, encryption, and tokenization ensure the safety of user transactions.
Regulatory Advantages in Bahrain
Bahrain’s progressive regulatory environment has been instrumental in AFS’s success. Effective regulation and governance are crucial for driving transformative changes in payments. At AFS, we leverage the latest technology and data insights to create more intuitive payment solutions. Our commitment to collaboration with key stakeholders, including regulators, supports innovation in the payments sector. The Central Bank of Bahrain (CBB) has been a key ally in our vision for a cashless society, fostering a partnership that drives sustainable growth and aligns with our goals for the Kingdom and the broader MEA region.
Looking Ahead: Future Gamechangers in Payments
The future of payments is poised for further disruption with developments in Open Banking, embedded payments, and Digital Currency. These innovations are expected to shape the industry’s trajectory, with continued exponential growth on the horizon.
About Samer Soliman
Samer Soliman, CEO of Arab Financial Services, oversees the organization’s strategic, financial, and operational performance. With over 20 years of experience in the banking and payments sector, Samer has a distinguished track record. Before joining AFS, he served as Managing Director, Middle East at Network International, where he played a pivotal role in regional growth and several key acquisitions.
In addition to his role at AFS, Samer contributes to the FinTech community as a Board Advisor and member of various advisory councils. He holds a Master’s degree in Leading Innovation and Change from Robert Kennedy College, Switzerland, and has completed the CEO program at IESE Business School, University of Navarra, in collaboration with Wharton School, University of Pennsylvania.
Company Name : arab financial services
Management Team
Samer Soliman, | CEO
