TerraPay and Alfardan Exchange Join Forces for Advanced Digital Cross-Border Remittance Solutions

March 4, 2024 |

In a significant development for the remittance sector, TerraPay, a global cross-border payments network, has announced a strategic partnership with Alfardan Exchange. 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.

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.

Sudhesh Giriyan, President – Cross-Border Payments at TerraPay, expressed his enthusiasm about the collaboration, stating “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.”

He added, “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.

In terms of the partnership’s specifics, the two companies will work together to establish advanced digital cross-border remittance solutions. This collaboration will not only strengthen financial inclusivity but also enhance connectivity across multiple global corridors.”

Bashar Alwaqfi the General Manager of Alfardan Exchange, said: “We are pleased to announce our partnership with TerraPay, this collaboration adds more valuable services to our 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.”

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.

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About TerraPay

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive 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. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. 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.

About Alfardan

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. Alfardan Exchange has earned the distinction of being ranked first in Qatar and recognized 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.

Additionally, Alfardan Exchange 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, as well as the distinctive services that it provides through its digital portal.