Page 119 - AAE PR REPORT - June 2024

5/16/24, 9:56 AM TerraPay and Al Ansari Exchange Partner to Simplify Money Transfer
ecosystem. Together, the companies promise to empower clients by enhancing global
connectivity, promoting financial inclusion, and driving economic growth in the regions
they serve.

About TerraPay:

TerraPay simplifies the movement of money everywhere – providing a single connection
to the most expansive cross-border payments network regulated in 31 global markets
and enabling payments to 141 receive countries, 210+ send countries, 7.5Bn+ bank

accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless
financial world, making moving money everywhere instant, reliable, transparent and fully

compliant. TerraPay pushes the boundaries for global businesses – ranging from banks,
fintechs and money-transfer operators to travel businesses, creator economy platforms
and e-commerce marketplaces – while driving financial inclusion in even the most

inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with
global offices in Bangalore, Dubai, Miami, Bogota, Dar es
Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding

rapidly, having received funding from leading investors, including the IFC (the World
Bank), Prime Ventures, Partech Africa and Visa.

About Al Ansari Exchange:

Al Ansari Exchange, the subsidiary of Al Ansari Financial Services P.J.S.C. and the

largest outward personal remittance and foreign exchange company in the UAE.

Al Ansari Exchange, established in 1966 and licensed by the Central Bank of the UAE,

is the UAE's first exchange company that grown to be the largest outward personal
remittance and foreign exchange company in the country with over 256 branches
across the Emirates (as of December 2023). With over 4500 multilingual employees, the

Company conducts 134 thousand transactions per day (as of December 2023). Al
Ansari Exchange has contributed about 40% of the core operating income of exchange

houses in the country and constituted 74% of the consolidated net profit for the
exchange houses. In terms of contribution to the foreign exchange business, Al Ansari
Exchange made up 32% of the income generated by exchange houses as well as 46%

of income in the remittance business. Since its founding, the Company has significantly
scaled its digital presence through its award-winning app, website and in-branch smart
counters, enabling it to capture a 41% share of the digital outward personal remittances

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