24 February 2004
Arab Financial Services (AFS), the leading company providing electronic processing services for various payment cards in the region, and Bahraini Saudi Bank (BSB) have signed the first Direct Sales Agent (DSA) agreement in Bahrain to distribute AFS’s new innovative product ‘x-change card’ which was launched in December 2003. x-change is a prepaid MasterCard card that can be loaded with cash and used for both cash withdrawals and making retail purchases at millions of outlets worldwide.
The new x-change card is the first of its kind in the region that provides customers with security and convenience. x-change card can be instantly obtained, loaded and reloaded with cash at any of BSB six branches and Manama TeleMoney center in Bahrain. X-change card will be supported by a 24x7 customer service center and will soon be followed by a web based online transaction tracking mechanism for customer convenience.
During the conference held in Manama, Kingdom of Bahrain, for announcing BSB as the first DSA for x-change card, Mr. Khalid Shaheen, BSB CEO said, ‘the main reason for distributing x-change card is to provide BSB and non-BSB customers alike, with a technologically superior product that compliments the existing and forthcoming BSB products and services in association with AFS, apart from the fact that x-change cards a safe mode for carrying cash worldwide’.
Mr. Shaheen added, “starting today customers can easily obtain x-change card at a small fee of US$10 (BD. 3 only) valid for two years from any BSB branches located across Bahrain”. He mentioned that x-change card could be used to withdraw cash on ATM’s globally using the customer selected Personal Identification Number (PIN) as well as make purchases worldwide through MasterCard payment acceptance network’.
Mr. Mahmood Al Koofi, AFS CEO commented “The x-change agreement with BSB is a result of close relations with BSB through providing card processing services since 2001. x-change card is a practical tool for carrying cash safely, in addition to keeping control of expenses. It is the ideal payment method for travelers, students and companies wishing to control their staff expenses.”
One of the key benefits of x-change card is that it does not require opening a bank account or any credit references. x-change card can be loaded and reloaded with up to US$10,000. The card is currently available in US dollar and Euro, and will be launched in other currencies soon.
During 2004, BSB is planning to provide customers more innovative card services through AFS.
-Ends-
About The Bahraini Saudi Bank
Established by an Amiri decree in 1983, the 'youngest' of the locally incorporated banks, The Bahraini Saudi Bank (BSB) was founded with a paid-up capital base of Bahraini Dinars (BD) 20 million equally held between Bahraini and Saudi shareholders.
BSB has a network of six branches spread across Bahrain providing retail banking and commercial banking operations along with RCBC TeleMoney operations serving the large Philippine OFW community in Bahrain.
About AFS Company
AFS, a leading provider of card services of various kinds, was established in 1984 with a capital of US$45 million. It is owned by 55 Arab banks operating throughout the region. AFS provides its services from the Kingdom of Bahrain to over 70 banks of its client base in the Middle East. The Bahrainisation level in AFS accounts for more than 80% of the Company’s workforce.
For more information, please contact
Mr. Rajeev Kumar K,
Telephone. 973-1757 8890
Fax: 973-1721 0 989 or
email: rajeev.kumar@bsb.com.bh
For more information, please contact
Mr. Mukhtar al- Toblani,
Telephone. 97317-290333 Ext. 600,
Fax: 97317-291323 or
email: mukhtar@afs.com.bh
Arab Financial Services (AFS), the leading company providing electronic processing services for various payment cards in the region, and Bahraini Saudi Bank (BSB) have signed the first Direct Sales Agent (DSA) agreement in Bahrain to distribute AFS’s new innovative product ‘x-change card’ which was launched in December 2003. x-change is a prepaid MasterCard card that can be loaded with cash and used for both cash withdrawals and making retail purchases at millions of outlets worldwide.
The new x-change card is the first of its kind in the region that provides customers with security and convenience. x-change card can be instantly obtained, loaded and reloaded with cash at any of BSB six branches and Manama TeleMoney center in Bahrain. X-change card will be supported by a 24x7 customer service center and will soon be followed by a web based online transaction tracking mechanism for customer convenience.
During the conference held in Manama, Kingdom of Bahrain, for announcing BSB as the first DSA for x-change card, Mr. Khalid Shaheen, BSB CEO said, ‘the main reason for distributing x-change card is to provide BSB and non-BSB customers alike, with a technologically superior product that compliments the existing and forthcoming BSB products and services in association with AFS, apart from the fact that x-change cards a safe mode for carrying cash worldwide’.
Mr. Shaheen added, “starting today customers can easily obtain x-change card at a small fee of US$10 (BD. 3 only) valid for two years from any BSB branches located across Bahrain”. He mentioned that x-change card could be used to withdraw cash on ATM’s globally using the customer selected Personal Identification Number (PIN) as well as make purchases worldwide through MasterCard payment acceptance network’.
Mr. Mahmood Al Koofi, AFS CEO commented “The x-change agreement with BSB is a result of close relations with BSB through providing card processing services since 2001. x-change card is a practical tool for carrying cash safely, in addition to keeping control of expenses. It is the ideal payment method for travelers, students and companies wishing to control their staff expenses.”
One of the key benefits of x-change card is that it does not require opening a bank account or any credit references. x-change card can be loaded and reloaded with up to US$10,000. The card is currently available in US dollar and Euro, and will be launched in other currencies soon.
During 2004, BSB is planning to provide customers more innovative card services through AFS.
-Ends-
About The Bahraini Saudi Bank
Established by an Amiri decree in 1983, the 'youngest' of the locally incorporated banks, The Bahraini Saudi Bank (BSB) was founded with a paid-up capital base of Bahraini Dinars (BD) 20 million equally held between Bahraini and Saudi shareholders.
BSB has a network of six branches spread across Bahrain providing retail banking and commercial banking operations along with RCBC TeleMoney operations serving the large Philippine OFW community in Bahrain.
About AFS Company
AFS, a leading provider of card services of various kinds, was established in 1984 with a capital of US$45 million. It is owned by 55 Arab banks operating throughout the region. AFS provides its services from the Kingdom of Bahrain to over 70 banks of its client base in the Middle East. The Bahrainisation level in AFS accounts for more than 80% of the Company’s workforce.
For more information, please contact
Mr. Rajeev Kumar K,
Telephone. 973-1757 8890
Fax: 973-1721 0 989 or
email: rajeev.kumar@bsb.com.bh
For more information, please contact
Mr. Mukhtar al- Toblani,
Telephone. 97317-290333 Ext. 600,
Fax: 97317-291323 or
email: mukhtar@afs.com.bh
© Press Release 2004
