DUBAI, UAE, May 14, 2024
/PRNewswire/ -- TerraPay, a prominent global money movement
company, has partnered with Al Ansari Exchange, the largest
remittance and foreign exchange company in the UAE and a subsidiary
of Al Ansari Financial Services PJSC [DFM: ALANSARI]. TerraPay's
global payment solutions for local payout needs integrated with Al
Ansari Exchange's extensive network expands both organisations
scope of operations and improves their capabilities to serve a
broader customer base with efficient, secure, and seamless
transactions.
With its strong portfolio of financial services and
customer-centric approach, Al Ansari Exchange provides its
clientele with flexible and reliable remittance options. The latest
partnership will allow TerraPay to capitalise on this expertise and
expand its presence in the UAE, in line with the company's
strategic objectives of expanding its global footprint and
enhancing its offerings.
Ani Sane, Co-founder &
Chief Business Officer at TerraPay, commented, "We are
thrilled to partner with Al Ansari Exchange, a respected name with
a rich heritage in the UAE. This partnership allows us to leverage
combined strengths and capabilities. Together, we are prepared to
extend our services and better serve customers, making cross-border
transactions more seamless and accessible."
Ali Al Najjar, Chief Operating
Officer at Al Ansari Exchange, said, "We are delighted to enter
into this strategic partnership with TerraPay, a leading force in
global money transfer. This collaboration signifies our commitment
to providing our customers with flexible and reliable remittance
options. TerraPay's global network and innovative technology
complements our expertise, allowing us to offer a wider range of
services."
The strategic collaboration was unveiled at Seamless Middle East
2024, highlighting how both entities are committed to leveraging
technology to enhance the remittance ecosystem. Together, the
companies promise to empower clients by enhancing global
connectivity, promoting financial inclusion, and driving economic
growth in the regions they serve.
About TerraPay:
TerraPay simplifies the movement of money everywhere – providing
a single connection to the most expansive cross-border payments
network regulated in 31 global markets and enabling payments to 141
receive countries, 210+ send countries, 7.5Bn+ bank accounts and
2.1Bn+ mobile wallets. TerraPay is on a mission to connect a
borderless financial world, making moving money everywhere instant,
reliable, transparent and fully compliant. TerraPay pushes the
boundaries for global businesses – ranging from banks, fintechs and
money-transfer operators to travel businesses, creator economy
platforms and e-commerce marketplaces – while driving financial
inclusion in even the most inaccessible markets. Founded in 2014,
TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar,
Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having
received funding from leading investors, including the IFC (the
World Bank), Prime Ventures, Partech Africa and Visa.
About Al Ansari Exchange:
Al Ansari Exchange, the subsidiary of Al Ansari Financial
Services P.J.S.C. and the largest outward personal remittance and
foreign exchange company in the UAE.
Al Ansari Exchange, established in 1966 and licensed by the
Central Bank of the UAE, is the UAE's first exchange company that
grown to be the largest outward personal remittance and foreign
exchange company in the country with over 256 branches across the
Emirates (as of December 2023). With
over 4500 multilingual employees, the Company conducts 134 thousand
transactions per day (as of December
2023). Al Ansari Exchange has contributed about 40% of the
core operating income of exchange houses in the country and
constituted 74% of the consolidated net profit for the exchange
houses. In terms of contribution to the foreign exchange business,
Al Ansari Exchange made up 32% of the income generated by exchange
houses as well as 46% of income in the remittance business. Since
its founding, the Company has significantly scaled its digital
presence through its award-winning app, website and in-branch smart
counters, enabling it to capture a 41% share of the digital outward
personal remittances market among exchange houses in 2021,
according to a report by Edgar, Dunn and Company.
For more information visit: www.alansari.ae
For media inquiries, please contact:
Juveria Samrin
juveria.n@terrapay.com
Dana Khalaf
Corporate Communications and Investor Relations
Al Ansari Financial Services
Tel: (971 4) 5010644
dana.khalaf@alansari.ae
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SOURCE TerraPay