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TerraPay & Suyool Offer Fast, Secure Money Transfers To Lebanon
The fintech experts have partnered to improve money transfer services, making remittances faster and more secure.
In a major stride for financial accessibility in Lebanon, TerraPay, a prominent global money transfer company, has announced a partnership with Suyool, a licensed financial platform regulated by the Banque du Liban. For Lebanese residents, the collaboration is expected to revolutionize sending and receiving of funds, addressing the growing need for secure, convenient and speedy transfers.
Lebanon has long been dependent on remittances, mostly due to its significant global diaspora. With over $6.5 billion received in 2023 alone, there exists a critical need for effective financial services that can accommodate both banked and unbanked individuals. Suyool is already partly addressing these needs, offering an advanced digital wallet designed to facilitate both local and international payments, while also promoting financial inclusion for unbanked Lebanese residents.
Through the new partnership, Suyool will now gain access to TerraPay’s expansive network, which spans over 144 receiving countries and 210 sending countries. In total, the platform supports 3.7 billion mobile wallets, 7.5 billion bank accounts, and a staggering 12 billion cards. The integration will enable Suyool to expand its remittance capabilities, ensuring reliable and accessible financial services.
Mr. Arz El Murr, Founder & CEO of Suyool, highlighted the value of the partnership: “By collaborating with TerraPay, we can enhance our services to meet the evolving needs of our customers. This partnership will enable us to offer faster, more secure transactions, helping to close the financial gap for many in Lebanon”.
Remittance pathways into Lebanon remain strong, particularly from the USA, Europe, and Gulf Coast Countries, playing a vital role in supporting Lebanese families who rely on funds from abroad. With around 20% of Lebanon’s population currently unbanked, Suyool is well-positioned to step in with its easy-to-use mobile finance app.
Also Read: A Guide To Digital Payment Methods In The Middle East
Ambar Sur, Founder & CEO of TerraPay, expressed excitement about the alliance, noting: “This partnership extends TerraPay’s reach in Lebanon, where there is high demand for effective remittance services. Together with Suyool, we aim to drive financial inclusion and deliver trustworthy payment options for everyone. This partnership also coincides with the launch of our Wallet Interoperability Council, which aims to improve connectivity and interoperability for cross-border transactions, including remittances and merchant payments using wallets”.
The TerraPay-Suyool collaboration marks a significant turning point in the country’s development of a more robust financial ecosystem by offering seamless, reliable, and secure global money transfers to Lebanon.
News
1,000 Drones Light The Dubai Sky For AC Milan Celebration
Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.
Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.
The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.
“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.
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Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.
This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.
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