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TerraPay & Alfardan Exchange partner to boost digital remittances
Tue, 12th Mar 2024

TerraPay, the global cross-border payments network, has unveiled its strategic partnership with Alfardan Exchange, Qatar's premier financial exchange company. This significant development in the remittance sector aims to establish advanced digital cross-border remittance solutions.

The partnership marks a new phase for the cross-border remittance solutions landscape. It works toward enabling cost-effective, seamless cross-border payments catering to varying customer needs, thereby improving financial inclusivity.

Alfardan Exchange has been a known name in the remittance industry, providing experience and a commitment to simplify financial transactions. The collaboration with TerraPay will enable Alfardan to benefit from TerraPay's digital payment infrastructure. This uniting of forces is set to meet diverse customer requirements by facilitating efficient, cost-effective international payments, according to the company.

"TerraPay, a pioneering provider of white-labelled digital payment infrastructure, is dedicated to transforming the remittance landscape. The partnership with Alfardan Exchange is seen as an opportunity to strengthen our market presence in Qatar and gain strategic leverage in the remittance sector," commented Sudhesh Giriyan, President – Cross-Border Payments at TerraPay.

The collaboration establishes new benchmarks in the remittance sector by leveraging TerraPay's innovative capabilities. The intention is to revolutionise the digital payments ecosystem in partnership with Alfardan Exchange. The partnership will work on devising advanced digital cross-border remittance solutions which will not only fortify financial inclusivity but will also enhance connectivity across multiple global corridors.

Bashar Alwaqfi, the General Manager at Alfardan Exchange, expressed his enthusiasm, "We are pleased to announce our partnership with TerraPay, this collaboration adds more valuable services to our existing offerings for customers. We are committed to continually expanding our service portfolio in line with our strategic growth objectives. We look forward to working with TerraPay to introduce innovative solutions and enrich the remittance experience for our valued customers."

The alliance between TerraPay and Alfardan Exchange demonstrates a shared commitment to providing cutting-edge remittance solutions and driving global financial inclusion, the companies shared in a statement. Both entities are geared to revolutionise the digital payments landscape by providing greater efficiency, security, and accessibility across diverse corridors to their customers.

TerraPay simplifies the movement of money, providing a single connection to a cross-border payments network regulated in 30 global markets and enabling payments to 141 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. The company's users include banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces. 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.

Established in 1971, Alfardan Exchange is Qatar's premier financial exchange company, aiming to serve the needs of the region’s millions of expatriates and foreign businesses investing in Qatar and the Middle East. Alfardan Exchange has earned the distinction of being ranked first in Qatar and recognised among the top five exchange houses in the field of digital transformation in the GCC. It has also been classified among the top 20 exchange companies in the Middle East by Forbes Middle East, proudly representing the sole Qatari exchange house on these lists.