Arab Financial Services (AFS), a digital payment solutions provider focused on the Middle East and Africa, announced on Feb. 24 that it had partnered with Ternoa to enable cryptocurrency payments in the United Arab Emirates (UAE). As part of the partnership arrangement, Ternoa, a payment finance (PayFi) network, will introduce Athar, a decentralized consumer finance protocol.

According to a statement, Athar makes cryptocurrency payments easier and more accessible for everyday transactions. It will be deployed for merchants in the UAE, where it will enable stablecoin payments at point-of-sale (POS) terminals.

Commenting on the announcement, Samer Soliman, AFS CEO, said:

AFS is committed to driving innovation in the payments industry and expanding access to seamless, secure and future-ready solutions. By integrating stablecoins and decentralized finance, we are unlocking new possibilities for merchants and consumers across the UAE, paving the way for the broader adoption of digital payments in the region.

Owned by 37 banks and financial institutions, AFS expanded into the UAE after acquiring a Retail Payment Services License, which allows it to offer tailored payment solutions. This strategic move aims to leverage the UAE’s innovative financial landscape and contribute to its status as a global fintech hub. AFS is partnering with local businesses and regulators to foster an inclusive digital ecosystem.

Remarking on his firm’s partnership with AFS, Mickael Canu, CEO of Ternoa, added, “The next big step for blockchain and digital finance is making it useful in everyday life. The payments and financial services industries are massive, and bringing them onto Ethereum will open up exciting new possibilities. Our partnership using Athar with AFS will make digital payments faster, more secure and accessible.”

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