The Arab Financial Services (AFS), a MENA-based digital payment solutions provider and fintech enabler, has partnered with Ternoa Blockchain to onboard billions of retail customers into crypto.
AFS’ partnership with Ternoa Blockchain, described as a secure and cost-efficient PayFi network, is expected to offer stablecoin payments to UAE merchants through point-of-sale terminals (POS).
Both entities will collaborate to launch Athar, a decentralized finance protocol aimed at onboarding billions of retail customers. Ternoa, through Athar will make crypto payments, stablecoin payments easier and accessible for everyday transactions.
AFS and Ternoa benefitting from 2024 UAE stablecoin regulations
In 2024, the UAE Central Bank came out with its Stablecoin Payment Token Services Regulation, laying down the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens. Only AED-backed stablecoins would be considered as legal tender within the UAE to be used for the purchase of products and services in the country. Other regulated stablecoins are also allowed for virtual asset purchases.
The first AED stablecoin to receive approval was AECOIN, while Tether, the creators of USDT, have also applied for an AED stablecoin license.
AFS will promote the decentralized Athar-powered crypto payment solution across merchant POS points in the UAE.
Speaking on the agreement, Samer Soliman, AFS CEO noted that AFS is committed to driving innovation in the payments sector. He stated, “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.”
Ternoa’s CEO, Mr. Mickael Canu 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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