TerraPay, a Netherland-based cross-border payments network, has announced a strategic partnership with Qatar-based fintech firm Alfardan Exchange, to advance digital cross-border remittance solutions.

This collaboration aims to leverage TerraPay’s advanced digital payment infrastructure and Alfardan Exchange’s established presence in the industry, marking a pivotal moment in the evolution of cross-border remittance solutions, the duo said in a statement on Tuesday.

According to the statement, Alfardan Exchange, a prominent player in the remittance sector, brings to the table a wealth of experience and a strong commitment to facilitating seamless financial transactions.

This partnership is set to provide a host of benefits to Alfardan Exchange, with a key focus on leveraging TerraPay’s cutting-edge digital payment infrastructure.

By joining forces, the two entities aim to facilitate seamless, cost-effective, efficient cross-border payments to cater to the diverse customer needs.

“TerraPay, a pioneering provider of white-labeled 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,” said Sudhesh Giriyan, President of Cross-Border Payments at TerraPay.

According to him, the collaboration underscores TerraPay’s commitment to innovation, setting new benchmarks in the remittance sector.

“Known for creating seamless, secure, and accessible cross-border transaction solutions, TerraPay aims to revolutionize the digital payments landscape in partnership with Alfardan Exchange,” he added.

In terms of the partnership’s specifics, he said the two companies will work together to establish advanced digital cross-border remittance solutions.

He noted that this collaboration will not only strengthen financial inclusivity but also enhance connectivity across multiple global corridors.

Meanwhile, Bashar Alwaqfi the General Manager of Alfardan Exchange, said they are pleased to announce their partnership with TerraPay, as this collaboration adds more valuable services to their existing offerings for customers.

“At Alfardan Exchange, we are committed to continually expanding our service portfolio, in line with our strategic growth objectives,

“Through this partnership, we look forward to working with TerraPay to introduce innovative solutions and enrich the remittance experience for our valued customers,” he added.

According to the statement, this collaboration between TerraPay and Alfardan Exchange represents a shared commitment to providing cutting-edge remittance solutions and driving financial inclusion globally.

Both entities are poised to revolutionize the digital payments landscape, offering enhanced efficiency, security, and accessibility to customers across diverse corridors.

TerraPay is a fintech firm provides a single connection to the cross-border payments network regulated in 30 global markets.

It enables payments to 141 receive countries, 210+ send countries, 7.5 billion+ bank accounts and 2.1 billion+ mobile wallets.

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.

The firm has received funding from leading investors, including the International Finance Corporation of 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 thriving foreign businesses investing in Qatar and the Middle East.

The firm is a member of the Union of Arab Banks and the Digital Master Agent for Western Union, providing remittance services through a mobile application and an online web portal.

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