Under the agreement, AFS will provide The Group Finance with EMV migration services which will ultimately enable the swift migration its existing card portfolio as well as the issuance of EMV compliant credit cards for its customers.
AFS will provide The Group Finance with technical support as well as consulting services and will implement a series of chip migration services, which includes technical and business acceptance testing.
Mr Hamed al Meaddady commented: 'EMV Compliance is a priority for The Group Finance. We are committed to successfully completing the EMV migration requirements as soon as possible to be up to speed with the global market. AFS was naturally the preferred partner because of its extensive experience in payment cards management and its state-of-the-art technical capabilities.'
EMV is arguably the most radical change to the card payment industry since the original introduction of payment cards. The implementation of an EMV smart card based payment infrastructure will not only put an end to card related fraud, it will also support a whole new generation of card-based applications that will reduce operating costs, create new business opportunities and revenue channels for banks.
Mr. Rasool Hujair AFS CEO commented, 'We are pleased with this agreement with The Group Finance. Both companies have always enjoyed a strong partnership which has developed over years of successful business collaboration.'
He added, 'We offer our client banks a smooth migration to EMV at a lowest cost possible; our Card Personalization Center is both Visa /MasterCard certified, equipped with the state-of-the-art technology and supported by experienced staff to produce EMV compliant cards that can be delivered to banks' customers around the clock.'
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The Group Finance and AFS announce EMV migration agreement
- Bahrain: Monday, May 08 - 2006 at 13:17
- PRESS RELEASE
Arab Financial Services Company B.S.C (c) (AFS), the region's leading provider of electronic-payments and consumer finance-outsourcing services, has announced an agreement with The Group Finance in Qatar.
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About Arab Financial Services (AFS):AFS is the leading Arab company for electronic banking, personal payment instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab World. The company pioneered the concept of outsourcing card
Processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is the largest payment card processor in the Middle East and North African regions. AFS is Principal Member of Visa and MasterCard Payment Associations and an authorized third party processor centre. Over 50 Banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged on-going card processing & related services, assisting banks to issue Visa and MasterCard to their customers through sponsorship card programs. AFS offers flexible and customized solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality.
About The Group:
The Group was founded in 1989 by Mr. Hamad Al-Modadi, the president. The company's immediate aim was to provide brokerage services to Qataris wishing to trade in shares of Public Companies, thus establishing the first brokerage firm in the State of Qatar. Today, Ten years after The Group was founded, the Company has grown in size providing diversified financial services.
Since its establishment, The Group had always arranged and organized several educational seminars and lectures with well- reputed financial institutions such as, "Shearson Lehman Brothers, GiaCorp, Adam Smith". As well as it has sponsored and organized several lectures, the latest was organized with the American Business Council on the establishment of the Doha Stock Market and its benefits on the Qatari economy.
The Group has a membership in several associations where group Investment is considered a member in the Qatari Forex Association since 1992. Also Group Securities has joined the Union of Arab Stock Exchanges and Securities Commissions in May 1999 beside its membership in the Doha stock Exchange.
For further information on AFS please contact:
Rabih Dib
PR Account Executive
Memac Ogilvy PR Bahrain
Tel: (+973) 17578724
Fax: (+973) 17223266
Posted by Janeta Novakovic, Assistant News EditorMonday, May 08 - 2006 at 13:17 UAE local time (GMT+4)
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