AFS and Ternoa: Unlocking Crypto Payments in the GCC

Arab Financial Services (AFS) and Ternoa have joined forces to revolutionize the payments landscape in the Gulf Cooperation Council (GCC) region. The partnership aims to launch Athar, a decentralized consumer finance protocol that enables cryptocurrency payments for daily transactions. By integrating stablecoin payments at point-of-sale (PoS) terminals, AFS and Ternoa aim to improve transaction efficiency and security for both businesses and consumers.

AFS, a leading digital payment solutions provider in the Middle East and Africa, is committed to driving innovation in the payments industry. By integrating stablecoins and decentralized finance, AFS is unlocking new possibilities for merchants and consumers across the GCC region. Ternoa, a PayFi network specializing in blockchain infrastructure and decentralized finance, is making digital payments faster, more secure, and accessible through its partnership with AFS using Athar.

The GCC region is actively promoting digital payments and fintech innovations, creating an enabling environment for the adoption of cryptocurrency payments. AFS, regulated by the Central Bank of Bahrain and the Central Bank of Egypt, is owned by a consortium of 37 banks and financial institutions. It provides services to over 60 banks in more than 20 countries throughout the Middle East and Africa region, supporting the growth of digital payments and financial innovation.

However, the deployment of Athar-powered crypto payment solutions for merchants across the GCC presents several potential risks and challenges. Regulatory uncertainty, market adoption and awareness, technological challenges, security and fraud concerns, and volatility and price fluctuations are among the key obstacles that AFS and Ternoa must address. By working closely with local regulators, engaging in targeted marketing campaigns, offering incentives, and implementing robust security measures, AFS and Ternoa can mitigate these risks and foster the growth of cryptocurrency payments in the GCC region.

In conclusion, the partnership between AFS and Ternoa aligns with the broader goals of the GCC countries in promoting digital payments and financial innovation. By addressing the challenges and risks associated with the deployment of Athar-powered crypto payment solutions, AFS and Ternoa can unlock the full potential of cryptocurrency payments in the GCC region, ultimately driving financial inclusion and economic growth.