Latest news with #AlAnsariFinancialServices
Arabian Business
2 days ago
- Business
- Arabian Business
Al Ansari Exchange launches new digital prepaid cards via UAE mobile app
Al Ansari Exchange, the UAE's largest remittance and foreign exchange company and a subsidiary of Al Ansari Financial Services PJSC, has announced the digital issuance of its prepaid cards through its mobile application. The company now offers instant digital versions of its TravelCard and FlexiblePay cards to customers. The initiative supports financial inclusion and aligns with the UAE's vision of creating a cashless economy. Al Ansari Exchange digital card launch UAE residents can now obtain the cards instantly through the Al Ansari Exchange app without visiting physical branches. The digital cards become available within seconds of application approval. Customers receive a 16-digit Visa co-branded digital card that can be used immediately for payments. The cards integrate with digital wallets including Apple Pay, Samsung Pay, and Google Pay for contactless payments. The TravelCard targets travellers and provides exchange rates, multi-currency support, and worldwide acceptance for international trips. The FlexiblePay card serves as a payment solution for daily expenses and includes reload options, online shopping capabilities, and wallet integration. Both cards feature security measures for transaction protection. 'We are thrilled to introduce the digital issuance of our TravelCard and FlexiblePay cards. This innovation reflects our commitment to providing cutting-edge financial solutions that are both convenient and secure. By leveraging digital technology, we aim to enhance the overall customer experience and meet the evolving needs of our clients. Our goal is to empower individuals from all walks of life, fostering financial inclusion and enabling them to embrace the advantages of a cashless society, in line with the UAE's vision for a digital economy and its position as a global financial hub,' Ali Al Najjar, COO of Al Ansari Exchange said. Al Ansari Exchange operates as a technology-led financial services provider that handles remittances and currency exchange through digital solutions. The company maintains the UAE's largest network and operates a growing app-based user base. Dun & Bradstreet has rated the company 5A1 for financial strength.
Zawya
2 days ago
- Business
- Zawya
Al Ansari Exchange launches digital issuance for prepaid cards, promoting financial inclusion in the UAE
Dubai, UAE – Al Ansari Exchange, the UAE's largest remittance and foreign exchange company and a subsidiary of Al Ansari Financial Services PJSC, is proud to announce the digital issuance of its popular prepaid cards, the TravelCard and FlexiblePay cards. This initiative promotes financial inclusion and supports the UAE's vision of fostering a cashless economy. Customers can now obtain these cards instantly through the Al Ansari Exchange app, enhancing convenience, security and accessibility. Within just a few seconds of application approval, UAE residents are issued a 16-digit Visa co-branded digital card ready for immediate use for seamless payments. The digital issuance eliminates the need for branch visits, allowing customers to access their cards from the comfort of their homes or on the go. To deliver an even smoother customer experience, the digital cards are easily integrated with major digital wallets, including Apple Pay, Samsung Pay, and Google Pay, offering customers the convenience and speed of contactless payments. The TravelCard is tailored for travellers, offering competitive exchange rates, multi-currency support, and worldwide acceptance, making it an ideal companion for international trips. Meanwhile, the FlexiblePay card offers a versatile payment solution for everyday expenses, with easy reload options, online shopping capabilities, and seamless wallet integration. Both cards are equipped with enhanced security features to ensure safe transactions and peace of mind. 'We are thrilled to introduce the digital issuance of our TravelCard and FlexiblePay cards.' said Ali Al Najjar, COO of Al Ansari Exchange. 'This innovation reflects our commitment to providing cutting-edge financial solutions that are both convenient and secure. By leveraging digital technology, we aim to enhance the overall customer experience and meet the evolving needs of our clients. Our goal is to empower individuals from all walks of life, fostering financial inclusion and enabling them to embrace the advantages of a cashless society, in line with the UAE's vision for a digital economy and its position as a global financial hub.' Al Ansari Exchange is a technology-led financial services provider redefining remittances and currency exchange through secure, smart, and scalable digital solutions. With the UAE's largest network and a fast-growing app-based user base, it empowers millions to move money with ease and confidence. Rated 5A1 by Dun & Bradstreet for financial strength, it is trusted by millions and built for the future of finance. -Ends- For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
Mid East Info
03-06-2025
- Business
- Mid East Info
Al Ansari Financial Services Launches Business Solutions Centre in India to Accelerate Innovation - Middle East Business News and Information
Al Ansari Financial Services PJSC (DFM: ALANSARI) (the 'Group'), the largest non-banking financial services provider in the GCC, announced today the opening of Al Ansari Financial Services Solutions Private Limited (AAFS Solutions), its new business solutions centre in Hyderabad, India. Strategically located, the centre will serve as a business solutions hub for the Group, aimed at enhancing efficiency, productivity and cost-effectiveness. The establishment of the state-of-the-art centre marks a significant milestone in the Group's commitment to innovation and operational excellence. By leveraging India's rich pool of talent and technological expertise, this office will play a pivotal role in accelerating the Group's digital transformation journey. 'We are proud to inaugurate our new offices in India,' said Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services. 'This expansion reflects our commitment to leveraging cutting-edge technology and innovative practices to provide exceptional services to our customers. We are reshaping our operations to promote leaner corporate structures and enhance the effectiveness of shared services and global business service units.' 'We are committed to fostering a culture of growth and opportunity for our employees,' added Bitar. 'The expansion of our operations in India will not only enable us to deliver greater value to our customers and shareholders but also create exciting career prospects for our talented workforce.' The India office will focus on streamlining operations, optimising processes and developing cutting-edge solutions tailored to meet the evolving needs of the financial industry. By centralising specific functions, the Group aims to foster collaboration, innovation and knowledge sharing across its expanding network. A Platform for Future Growth: In the first phase of the Group's project, an IT Excellence Centre has been established to drive innovation and improve technological capabilities. Looking ahead, the centre is poised to expand its offerings to include business process outsourcing (BPO) services, further optimising Al Ansari Financial Services' operations and allowing us to allocate more resources to core business initiatives and strategic growth.
Al Etihad
02-06-2025
- Business
- Al Etihad
Al Ansari Financial Services opens tech-focused base in India
2 June 2025 13:50 ABU DHABI (ALETIHAD)Al Ansari Financial Services is opening a technology-focused base in India to accelerate the digital transformation of the company operates the country's largest currency exchange—Al Ansari Exchange—and has recently been expanding its operations across other Gulf Ansari Financial Services is a Dubai Financial Market-listed company with a market cap of Dh7.25 billion. In a stock market filing on Monday, the company announced the launch of its new business solutions centre in Hyderabad, India.'The establishment of the state-of-the-art centre marks a significant milestone in the Group's commitment to innovation and operational excellence. By leveraging India's rich pool of talent and technological expertise, this office will play a pivotal role in accelerating the Group's digital transformation journey,' the stock market filing Al Ansari Financial Services Solutions Private Limited (AAFS Solutions), the new facility will serve as a strategic hub designed to enhance efficiency, productivity, and cost-effectiveness across the Group's operations. The Hyderabad centre is expected to streamline business processes, optimise performance, and support the organisation's technological advancement initiatives.'We are proud to inaugurate our new offices in India,' said Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services. 'This expansion reflects our commitment to leveraging cutting-edge technology and innovative practices to provide exceptional services to our customers. We are reshaping our operations to promote leaner corporate structures and enhance the effectiveness of shared services and global business service units.' The Hyderabad office is also expected to serve as a platform for future growth. In the initial phase, an IT Excellence Centre has been established to improve the Group's technological capabilities and foster innovation. Future plans include extending the scope of the centre to provide business process outsourcing (BPO) services.
Mid East Info
14-05-2025
- Business
- Mid East Info
Al Ansari Financial Services' net profit after tax surges 10% to AED 109 million underpinned by strong operating income and robust performance across all business lines
Financial and Operational Highlights: 7% YoY increase in Operating Income to AED 294 million attributed to an increase across all business lines. Operating Income 13% YoY increase in EBITDA to AED 138 million with an EBITDA Margin of 46.8% due to increase in operating income. EBITDA Net profit after tax increased by 10% YoY to AED 109 million due to notable increase in operating income. Total Transactions increased by 1% YoY to 12.5 million transactions. Bank Notes value of transactions reported a 6% increase YoY to AED 22 billion. Wage Protection System (WPS) number of salary disbursals saw a growth of 27% YoY reaching 2.5 million . . Digital channels reported an increase of 16% YoY in the number of transactions conducted across the Group's digital platforms, accounting for 24% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. Al Ansari Exchange's total number of physical branches reached 270 by Q1'25. Al Ansari Financial Services closed the acquisition of BFC Group Holdings W.L.L. The figures will be consolidated in Q2'25. Al Ansari Exchange in Kuwait will be acquired by Al Ansari Financial Services by Q2'25, with synergies to be realised by Q3'25. Al Ansari Digital Wallet is set to be launched in Q2'25. Dubai, UAE – May 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial services provider in the GCC and parent company of Al Ansari Exchange, has delivered an outstanding performance in the first quarter of 2025 ('Q1'25'), reporting a 7% year-on-year (YoY) surge in operating income to AED 294 million. This impressive growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) Q1'25 Q1'24 % change (YoY) Operating Income 294,204 274,726 7% EBITDA 137,666 122,415 13% EBITDA Margin (%) 46.8% 44.6% Net Profit after Tax 108,854 98,744 10% Earnings per Share 0.0145 0.0132 10% Free Cash Flow (FCF) 132,577 114,838 15% Operational Highlights Q1'25 Q1'24 Change (unit) (YoY) No. of physical branches in UAE 270 259 11 new branches since Q1'24 Total No. of transactions 12.5 mn 12.0 mn 1% Digital Channels – No. of transactions 1.3 mn 1.1 mn 16% Q1'25 FINANCIAL PERFORMANCE COMMENTARY Strong performance across all revenue streams and efficient cost management has led to a Net Profit after tax of AED 109 million, representing a 10% YoY growth. EBITDA margin witnessed an increase to 46.8% in line with the rise in operating income despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. The Group's strategic focus on digital transformation and optimised branch network expansion resulted in a 33% reduction in Capital Expenditure (CAPEX) for Q1'25, with a Free Cash Flow of AED 133 million and a 96% EBITDA to cash conversion rate. Q1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions for Q1'25 grew by 1% compared to the same period last year, reaching a 12.5 million transactions. Improved conditions across key remittance corridors have strengthened the operating environment; however, the market continues to navigate pressures from certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 4% YoY to AED 171 million, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group maintained a resilient performance in this segment during Q1'25 reporting an increase in Banknotes Operating income by 7% YoY to AED 93 million. Strategic partnerships, strong performance and increased demand on our prepaid cards, and the UAE's surge in tourism enabled us to navigate disruptions and continue meeting and exceeding customer demand. The Group's Wage Protection System (WPS) Other Products & Services business delivered stable growth in Q1'25, with operating income increasing by 26% YoY to reach AED 30 million. This growth was driven by the UAE's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. Our robust digital payroll offerings and extensive branch network have enabled us to deepen client relationships and support the evolving needs of businesses across sectors. This steady performance reaffirms our strategic role in facilitating financial inclusion and supporting the UAE's economic momentum. The Group's continued investment in digital innovation is yielding strong results, with a notable 16% YoY increase in the number of transactions conducted through our digital channels in Q1'25, with Digital Channels contributing to 24% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to delivering a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We began 2025 with strong momentum, and our first-quarter results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. Despite ongoing geopolitical challenges and fierce competition, we achieved solid growth across our core segments through disciplined execution and an unwavering focus on customer experience. We successfully maintained our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our successful efforts to drive innovation and expand access to essential financial services. Our performance across remittances, WPS, and banknotes reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE and beyond. We delivered on our promise, expanding in line with our strategy and doubling the number of countries in which we operate. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for sustained success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been both promising and exceeding expectations . As we look ahead, we remain deeply aligned with the UAE's vision for a digitally empowered, inclusive economy. We will continue investing in technology, deepening customer engagement, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'Q1 2025 was defined by strong operational execution across the Group, as we focused on driving efficiency, strengthening service delivery, and preparing for future growth. We achieved notable improvements in process optimisation and customer engagement across both physical and digital touchpoints. A key milestone was the successful closing of the BFC acquisition, which marks a major step forward in our regional growth strategy. Integration efforts are progressing smoothly, and we expect to begin reflecting the impact of this consolidation in Q2 2025. This acquisition not only expands our geographic reach but also enhances our ability to serve a broader customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and unlocking synergies that will reinforce our leadership in the non-banking financial services sector.
