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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
Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
Also Read: Protecting Your WhatsApp Account From Hackers: Kaspersky Expert Tips
The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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