Al Fardan Exchange is Committed towards a Digital-First Mindset

Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, says his company monitors evolving fintech sector

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Published: Fri 22 Dec 2023, 11:28 AM

AL FARDAN Exchange is committed to a digital-first mindset, and is constantly embracing cutting-edge technology to capitalise on the business opportunities across the UAE, its top official says.

Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, said his company provides secure and accessible cross-border transfer platforms facilitated through extensive partnerships with global banks and financial service providers.

"Al Fardan Exchange is committed to a digital-first mindset, and we are constantly embracing cutting-edge technology and I am confident that we are well-equipped to leverage these advancements to ensure we always provide customers with the fastest, safest, and most reliable remittance and payment solutions across the UAE,” Hasan told BTR.

Excerpts from the interview:

Over the past couple of years, we have seen the remittance sector evolve with a digital-first mindset, leveraging the latest technologies and innovations to a great extent. How would this influence Al Fardan Exchange’s growth opportunities in the long run?

At Al Fardan Exchange, we have been closely monitoring the evolving fintech sector over the last decade, and we have been evolving our service offering to cater to the changing demands of our diverse customer base, be it retail customers or corporates.

Al Fardan Exchange is committed to a digital-first mindset, and we are constantly embracing cutting-edge technology and I am confident that we are well-equipped to leverage these advancements to ensure we always provide customers with the fastest, safest, and most reliable remittance and payment solutions across the UAE.

Take, for instance, our mobile App, “AlfaPay”, an innovative and secure mobile application for sending money, paying bills, and so many other features, positioning Al Fardan for substantial growth opportunities in the long run, particularly in the Middle East.

We believe that by leveraging fintech, we can enhance our customer experience, promote financial inclusion, and optimise our operations through the use of digital solutions. We take pride in our commitment to serving the country's diverse population. Our dedication to financial inclusion ensures equitable access for all, from unbanked to high-net-worth individuals to corporate entities. Our company provides secure and accessible cross-border transfer platforms facilitated through extensive partnerships with global banks and financial service providers.

It's critical today for organisations to create strong customer engagement and experience with their product/service offerings across various touchpoints. How is Al Fardan Exchange achieving its customer experience objectives?

We actively pursue our customer experience objectives through a multifaceted approach, leveraging various strategies and tools to enhance engagement and satisfaction. One key initiative is the introduction of Al Fardan Premium, our exclusive suite of services tailored for our premium clients. This initiative reflects our commitment to providing the highest standard of client service.

We always put our clients’ needs first in everything from priority and doorstep services to customized relationship management and preferred remittance and exchange rates. Our commitment to customer-centric practices demonstrates our dedication to offering value to our clientele. This approach not only fosters trust but also contributes to a positive perception of our brand among our customers.

Additionally, we have recently collaborated with Al Etihad Payments, a subsidiary of the Central Bank of the UAE (CBUAE), to launch Aani, an instant payment platform that delivers efficient and real-time payment solutions. This innovative platform reflects our dedication to staying at the forefront of technological advancements, providing our customers with efficient and real-time payment solutions.

These services and strategic partnerships reinforce our position as a reliable financial partner committed to achieving our clients' satisfaction at every touchpoint.

What according to you, are the three trends that will shape the future of Remittances and cross-border transactions?

I believe that the increasing use of blockchain technology can significantly improve security and efficiency in cross-border transactions. The rise of digital wallets and mobile apps also provides a smooth and accessible way for people to transfer money. Regulatory frameworks have become more significant in ensuring compliance and consumer protection.

Real-time payments are also expected to increase. For example, Al Fardan Exchange is the only money services provider in the region to establish an agreement with JP Morgan, a prominent global bank. This collaboration allows us to offer our corporate customers in the UAE same-day value for their international money transfers in different currencies, including US Dollars, Euros, Pounds Sterling, and South African Rands.

These trends indicate a shift towards technologically advanced solutions prioritizing speed, accessibility, and transparency.

The UAE has always been at the forefront when it comes to the adoption of emerging technologies and innovations. Businesses in the region are already reaping the benefits of AI and other advanced technology platforms. What are your thoughts on this innovation-led transformative change that is set to take place using AI in the region?

We are fully committed to supporting The National Artificial Intelligence Strategy 2031, which aims to establish the UAE as a leading global player in AI. We recognize the significant impact of artificial intelligence on the commercial landscape, and we are proud to be part of the innovative movement in the UAE and worldwide. We are constantly exploring new technologies to stay ahead of the curve and provide cutting-edge services to our customers.

AI has opened up new opportunities to enhance client experiences, strengthen security protocols, and optimise processes. AI could drastically simplify procedures, facilitate predictive analytics, and guarantee adherence to changing legal requirements. According to The International Data Corporation, it is estimated that the Middle East will be spending $3 billion on AI in 2023, doubling to $6.4 billion by 2026.

I believe in using AI to maximise its potential for agility, providing cutting-edge financial solutions, and being a forward-thinking company in this innovative environment. Our goal is to deliver frictionless, secure, and cutting-edge services to our clients during this era of unparalleled technological change.


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