Global fintech firm, Alif launched a new financial service application in United Arab Emirates market, which provides financial services and global transfer of payments for UAE residents on Tuesday. The company appointed Shafique Ibrahim, digital executive as CEO of Alif Pay.
The company said that Alif Pay will also launch a series of market financial service with advance technology including Send Now Pay Later (SNPL), a payroll platform, Travel prepaid program, Buy Now, Pay Later (BNPL) and the Fly Now, Pay Later (FNPL) services to meet the needs of people in UAE.
Alif Pay’s newly named CEO Shafique Ibrahim, has 22 years of expertise in fintech and digital finance industry in Middle East region. He is also responsible for the digital transformation at one of the largest money remittance and payment organisations in the region.
Based on data from World Bank, outward remittances, or foreign exchange from the UAE totalled $47.54 billion in 2021, and is projected to rise. Alif Pay said its objective is to facilitate the rise through its contribution, using the broader experience of Alif to deliver tailored financial solutions to users.
The new expansion of Alif, has been operating as a fully licensed bank in Tajikistan and an e-commerce and fintech company in Uzbekistan under various brands, namely, Alif Bank, Alif Salom, Alif Mobi, Alif Visa and more.
Shafique Ibrahim, CEO of Alif Pay said, “Alif Pay brings forth a ground-breaking vision for innovative payment services, granting customers swift and economical financial solutions.”
