UAE’s Leading Financial Services Provider Al Fardan Exchange L.L.C. Partners with Thunes to Enable Instant Payments to 87 Countries
ABU DHABI, UAE / 8 March 2022 – Al Fardan Exchange, one of the largest money transfer and currency exchange firms in the United Arab Emirates (UAE), announced today a partnership with Thunes, a global leader in cross-border payments, enabling Al Fardan Exchange customers to make seamless payments to 87 countries.
Through this partnership, Al Fardan Exchange’s business and retail customers can make instant payments directly not just to bank accounts, but also mobile wallets and cash pickup points in their home countries, enabling recipients to receive money in their local currency. Aside from speed and convenience, businesses and individuals will benefit from enhanced transparency of the service, they will know exactly what they’re paying upfront, and will be able to track the status of their transactions in real time.
UAE residents will now be able to send money directly through Al Fardan Exchange’s 75+ physical branches across the UAE. They will be able to make payouts to bank accounts, mobile wallets and cash pick-up points across 87 countries in Europe, Africa, Asia Pacific and Latin America. These new services tap into growing customer demand for alternative payments and positions Al Fardan Exchange at the forefront of UAE’s rapidly evolving financial services space.
Hasan Fardan Al Fardan, CEO at Al Fardan Exchange says, “We are thrilled to partner with Thunes, a globally renowned institution that powers payments for the world’s fastest-growing businesses. As a customer-centric organization, we are always focused on providing seamless end-to-end experiences for our customers.
This collaboration with Thunes will further digitize our payment services and help boost our business growth strategy.”
In 2021, the total population in UAE was 9.99 million, and of that, 8.84 million were expatriates. According to World Bank data, UAE was the second most significant source country for remittances in 2020, after the United States. The top five remittance recipients were India, China, Mexico, the Philippines and Egypt.
“I am delighted that Al Fardan Exchange has placed their trust in Thunes’ global network. Al Fardan Exchange is a top-tier player and one of the most respected remittance and money exchange companies in the region, so this is an important partnership for us. Ability to make instant payments is becoming more and more critical in the current environment, and we hope that our technology will make a difference and help people feel more connected with their families,” says Simon Nelson, SVP for MENA at Thunes.
About Al Fardan Exchange
Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery and financial services, Al Fardan Exchange holds global reach with trust and credibility as its main ethics.
Established in 1971, Al Fardan Exchange has had the unique opportunity of playing a part in supporting communities who have helped build this nation, by helping them bring life to their own dreams – both here and in their home countries. Today, we are incredibly proud to serve the UAE’s cosmopolitan community through our 75+ strong network, spanning across all Emirates. Reinforced by strong relationships with over 150 global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.
To learn more about Al Fardan Exchange, visit alfardanexchange.com
Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Through a single, simple connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 79 currencies, enables payments to 126 countries, and helps to accept 285+ payment methods. Thunes is headquartered in Singapore with regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi. For more information, visit www.thunes.com