en.Wedoany.com Reported - Arab Financial Services (AFS), a leading digital payment and fintech enabler in the Middle East and Africa region headquartered in Manama, the capital of Bahrain, officially announced on May 18 that it has established a strategic partnership with the Libyan Islamic Bank (LIB). The two parties will collaborate on Visa card issuance, payment processing systems, and scalable digital infrastructure development, accelerating the modernization of Libya's payment system and promoting the country's transition to a cashless economy.
This collaboration focuses on AFS providing core technological empowerment to the Libyan Islamic Bank. LIB will fully integrate AFS's advanced Visa card issuance and payment processing solutions. This system is designed to optimize the customer registration process, providing LIB's customers with a smoother and faster digital service experience by shortening the review and card issuance cycle. This transformation will fundamentally change the payment habits of individual and corporate customers in Libya.
To address the increasingly complex cybersecurity environment, this partnership deeply integrates AFS's enhanced security framework into LIB's digital payment services. This security framework will incorporate advanced tokenization technology and encryption schemes to provide multi-dimensional protection for consumers' transaction behaviors and sensitive data across all digital payment scenarios, including online and mobile. This move aims to enhance the trust of Libyan users in the emerging digital financial ecosystem through internationally leading security standards.
Beyond the integration of software and hardware services, AFS will also assist the Libyan Islamic Bank in fundamentally building a highly scalable digital payment infrastructure. This architecture is designed to agilely adapt to the continuous iterative innovation in the fintech sector and provide a solid underlying foundation for the subsequent introduction of next-generation payment products and the expansion of financial service coverage. This paves the way for the rapid introduction of next-generation payment solutions into the Libyan market.
Senior executives from both sides spoke highly of this partnership. Dr. Samer Soliman, Group CEO of AFS, stated that LIB is leveraging AFS's digital framework to optimize its business operations, delivering the fast, intuitive service experience customers expect, marking an important milestone for the future of finance in Libya. Adel Keshad, General Manager of the Libyan Islamic Bank, pointed out that as Libya moves towards a more connected cashless economy, the partnership with AFS enables the bank to offer innovative card services that are secure, efficient, and compliant with international standards, supporting the nation's digital transformation and economic development goals.
This partnership aligns with AFS's strategic blueprint for expansion into key emerging markets in Africa, aiming to strengthen regional payment connectivity and accelerate digital financial inclusion. As Libya undergoes economic reconstruction, the need to enhance financial transparency and popularize formal financial services is increasingly evident. By introducing advanced payment systems, this collaboration will help gradually reduce the country's reliance on cash transactions, providing a modern, efficient, and secure settlement channel for broader economic activities and commercial exchanges.
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