Financially inclusive collaboration between Ajman Bank and MENSA Technologies as they launch innovative WPS Card solution
In a significant move towards digital transformation, Ajman Bank, a leading Shariah-compliant bank in the UAE, has partnered with MENSA Technologies, an innovative fintech company. This strategic alliance is aimed at transforming and enhancing the Wage Protection System (WPS) services across the UAE and the region.
The partnership combines Ajman Bank’s strong banking infrastructure with MENSA Technologies’ agile digital payroll solutions, providing seamless, timely, and efficient digital payroll services. This collaboration is designed to boost financial inclusion and improve the overall WPS experience for employers and employees.
Key aspects of this alliance include leveraging Ajman Bank’s Shariah-compliant banking infrastructure to support digital wage payments, utilizing MENSA Technologies’ expertise in innovative payroll technology to enable faster, more reliable salary disbursements under WPS, and driving financial inclusion by expanding access to WPS-compliant payment methods, such as digital WPS cards.
The partnership also aims to enhance the regional wage payment ecosystem by offering integrated, compliant payroll solutions that meet regulatory requirements. It supports digital transformation in payroll services aligned with regional regulatory mandates, notably in the UAE.
This move aligns with broader trends in the Gulf region towards digitization of financial services, as seen in initiatives backed by authorities like the Central Bank of Bahrain, which emphasize innovation and compliance in financial ecosystems.
The initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement in the UAE. It is a powerful testament to Mensha Group's commitment to advancing financial inclusion. By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are demonstrating their commitment to delivering purposeful innovation.
The WPS Cards and Wallets initiative is a significant step towards financial inclusion in the UAE, as stated by Dr. Mengsha Tan, Chairwoman, Mensha Group. The partnership between Ajman Bank and MENSA Technologies is delivering a future-ready Wage Protection System (WPS) model, designed for scale, compliance, and inclusion.
Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated that the partnership reflects Ajman Bank's commitment to delivering purposeful innovation that advances both customer value and economic resilience. Through the collaboration of MensaPay and MENSA Technologies, a compliant, efficient, and user-friendly solution is being delivered, according to Mr. Muhammad Ashraf, CEO, MensaPay.
The partnership introduces a next-generation WPS card solution tailored to the needs of a culturally diverse workforce. It is providing individuals with the financial tools they truly deserve, as stated by Dr. Mengsha Tan, Chairwoman, Mensha Group. The initiative is a demonstration of how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
In essence, the alliance is intended to modernize WPS operations, streamline payroll management, and ensure wage payments are efficient and fully compliant, thereby supporting both employers and employees with better financial services across the region. This solution is designed to extend beyond traditional cash-based systems and simplify payroll management for all income levels and banking access.
- The partnership between Ajman Bank and MENSA Technologies combines Ajman Bank's strong Shariah-compliant banking infrastructure with MENSA Technologies' innovative fintech solutions, providing a future-ready Wage Protection System (WPS) model that is designed for scale, compliance, and financial inclusion.
- This strategic alliance aims to modernize WPS operations and streamline payroll management, offering integrated, compliant payroll solutions that meet regulatory requirements, thereby ensuring that wage payments are efficient, timely, and fully compliant.
- By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are demonstrating their commitment to delivering purposeful innovation that extends beyond traditional cash-based systems.
- The alliance also supports digital transformation in payroll services, aligning with broader trends in the Gulf region towards digitization of financial services and financial inclusion, especially in the UAE.
