Fintech enabler Arab Financial Services (AFS) has partnered with CRIF , a credit bureau, business information systems, outsourcing, and data processing services company. The collaboration is set to serve AFS’ bank clients throughout the MENA region by supplementing the company’s advanced Open Finance technology platform with CRIF’s most recent Open Banking use cases and solutions.

Arab Financial Services – CRIF partnership details Based on the information detailed in the press release, AFS is set to leverage its digital payments and technology expertise to ensure simplified and reliable technical and operational support for customers who are on the lookout for a variety of Open Banking use cases and implementations on the AFS Open Finance technology platform. When commenting on the announcement, Samer Soliman, Chief Executive Officer of Arab Financial Services (AFS) stated that AFS is looking to provide the most up-to-date technology, products, and solutions to support the region’s expedited digital growth in the financial sector. The spokesperson believes the collaboration to help widen the company’s deliverables to its bank clients, providing them with more options and a spectrum of advanced customer-centric solutions while simultaneously reinforcing its position as a digital payment solutions provider and fintech enabler in the Middle East and Africa.

The press release also highlights that CRIF is a provider in continental Europe of consumer and business credit information, as well as a key global player in integrated decisioning solutions, supporting more than 10,500 financial institutions, 600 insurance companies and 82,000 business customers across 50 countries. Adding on the partnership, Roberto Ciraci, Head of Consulting and Solutions for CRIF Middle East stated that Open Banking is now a reality in the entire Middle East, and CRIF is activating there, leveraging its expertise and end-to-end capabilities collected over 30 years of presence in mature European markets. Per the company official’s statement, the CRIF Group, together with Strands, the CRIF company focusing on the creation of highly personalised digital money management solutions, believes in the disruption coming from Open Initiatives (be those Open Banking, Open Finance, or Open Data), and by collaborating with AFS they will be enabled to consolidate the market penetration in the region by providing advanced and ready-to-go Open Banking use cases and solutions.

Arab Financial Services, CRIF's recent developments In July 2023, AFS made public two separate collaborations, the most recent one being the one with digital mobile-only bank ila Bank, where it powered its newly launched prepaid card offering, and one with payments solutions provider GHL Systems Berhad, to help support the latter’s merchant payments processing in Thailand. Earlier in February, AFS announced a partnership with Singapore-based fintech Brankas which sought to offer new Open Finance infrastructure in the Middle East and Africa. When talking about CRIF, its most recent development is the Juy collaboration with regtech Know Your Customer, where both companies partnered with OneConnect Bank (Hong Kong) Limited (PAOB) to improve digital onboarding for its SME customers.

Additionally, earlier in May, CRIF made public the launch of its new Open Banking solutions for insurance companies to help optimise onboarding, decrease risk, and tailor products for customers. .