back Back

Al Fardan Exchange launches domestic workers salary payment services across UAE

By Leandra Monteiro

May 13, 2022

  • Al Fardan Exchange
  • Cross Border Payments
  • currency exchange
Share

Al Fardan ExchangeAl Fardan Exchange L.L.C, a money transfer and currency exchange firm which is licensed and regulated by the Central Bank of the United Arab Emirates (UAE), has announced the launch of Domestic Workers Salary Payment Service through  ‘Wages Protection System” (WPS) across its network, allowing employers a convenient platform to pay their domestic workers’ salaries.

Al Fardan Exchange has introduced the service in line with the directives of the UAE Central Bank, as well as the UAE Ministry of Human Resources & Emiratization to ensure enhanced transparency and security for both, employers and their staff.

Hasan Fardan Al Fardan, CEO of Al Fardan Exchange L.L.C., said, “As a homegrown company and innovative market leader, our journey has continued to reflect the dynamic evolution of the UAE, and with our new Wages Protection System, Al Fardan Exchange is facilitating a 21st-Century human capital solution – one that is totally aligned with the recommended government guidance. The WPS system offers yet another flexible, secure and convenient payment platform with far less paperwork for a large percentage of the UAE’s most vital workers, while simultaneously protecting both employers and domestic staff. In addition to increasing transparency through the creation of third-party, proof-of-payment records, WPS will offer customers value-added efficiencies across each touchpoint.”

The digital salary payment service, now available at the wide network of Al Fardan Exchange branches across UAE. This entails the capability to process salary payments to a range of domestic workers, including the unbanked. The system uses less documentation, is extremely user-friendly and provides multiple options for salary deposits which allows for optimum convenience. Domestic workers can also enjoy the benefits of Al Fardan Exchange’s customer portal & Payez Payroll Card which can be used as a debit card for both salary withdrawal and shopping. They can also send money to their home countries using the various channels of Al Fardan exchange’s remittance service.

Previous Article

May 13, 2022

Aiven announced raising $210m in a Series D funding round

Read More
Next Article

May 13, 2022

Monoova and TrueLayer to launch data-enabled payments in Australia

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Al Fardan Exchange

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Cashflows partners with National Association of Funeral Directors

Read More

Today

Ant International set to create digital business centre in Malaysia

Read More

Today

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023