The Banking Executive Magazine - January 2025

Al Fardan Exchange Al Fardan Exchange PARTNERS WITH VISA FOR ENHANCED GLOBAL MONEY MOVEMENT SOLUTION Al Fardan Exchange, a leading UAE- based foreign exchange and global money transfer company, has rolled out its new cross-border remittance service through Visa Direct, in col- laboration with Visa, a world leader in digital payments. The innovative solution enables Al Fardan Exchange customers to transfer funds to bank accounts and mobile wallets globally in near real-time, improving the overall flow of payments. Through Visa’s advanced technology, this partnership ensures customers benefit from transparent rates and that the full amount is credited to the beneficiary, providing an unparal- leled remittance experience. Al Far- dan Exchange is planning to enable Visa Direct for 30+ countries across the MENA region, Europe, North America, and South-East Asia, with plans to expand its reach to more countries in the future. Hasan Fardan Al Fardan, CEO at Al Fardan Exchange, said: “We are de- lighted to integrate Visa Direct into our services, marking a significant step forward in our journey toward digital transformation. At Al Fardan Exchange, our unwavering commit- ment towards customer-centricity drives us to deliver faster, more se- cure, and fully transparent global money transfer solutions. By expand- ing this service to over 30 countries, we are creating stronger financial connections and empowering our customers with greater convenience and flexibility in today’s digital-first world.” Salima Gutieva, Visa’s VP and Coun- try Manager for the UAE, said: “With the UAE being among the largest source markets of remittances glob- ally, Visa strives to bring digital-first solutions for a more seamless, secure and efficient international money movement experience to the UAE’s digitally savvy consumers. Visa Di- rect offers Al Fardan Exchange cus- tomers access to billions of Visa cards, bank accounts and mobile wallets worldwide and the backing of our trusted global network, VisaNet, for fast and secure transfers. We are delighted to partner with Al Fardan Exchange to launch Visa Di- rect for international remittances from UAE.” Visa’s recent Money Travels: 2024 Digital Remittances Adoption study[1] revealed the majority UAE consumers surveyed are turning to digital apps to remit funds interna- tionally. According to the same study, digital apps remain the most popular method for both sending and receiving remittances in the UAE, with ease of use, privacy, and secu- rity cited as among the top benefits. Seventy percent of UAE respondents plan to send the same or more money abroad, indicating a positive outlook for future remittances from the country. Al Fardan Exchange customers now benefit from Visa Direct as an alter- native, convenient option for trans- ferring money. They can choose the best transfer method tailored to their specific needs, ensuring greater flex- ibility and convenience. Al Fardan Exchange currently oper- ates a robust network of over 90 branches, supported by a team of skilled professionals committed to providing fast, reliable, and efficient services at highly competitive rates to millions of customers. ISSUE 193 JANUARY 2025 the BANKING EXECUTIVE 37