Document Type: Supporting Annex – Organizational & Financial Structure
Purpose: This document is submitted in response to the clarification request related to organizational structure and capital framework. It is provided for reference purposes only and supports the main project submission.
Asfar Payment Services
Supporting Annex – Reference HA012826
Providing Digital Payment & Technology Solutions to the Asfar Group
Scope & Applicability
This document presents the existing organizational governance, operational capacity, and financial model of Asfar Payment Services L.L.C. (UAE).
It is submitted as a supporting reference to demonstrate management structure, internal controls, and financial discipline.
The Saudi Smart Card Issuance Project will be implemented through a fully independent Saudi legal entity with separate capital, governance, and financial accounts. No commingling of funds or balance-sheet linkage exists between the UAE operations and the Saudi entity.
Governance Structure
The Board of Asfar Payment Services intersects with the boards of Asfar Group and Smart Issuance Technology.
Core Board Leadership
International Regional Directors
Operational Departments & Staff
Financial Model
Asfar Payment Services acts as the central financial and technological hub for the Asfar Group.
The financial model described below reflects the operational framework of Asfar Payment Services L.L.C. (UAE) only. The Saudi project will adopt a standalone capital structure in compliance with Saudi regulatory requirements.
Revenue Stream
Core Function: Providing centralized electronic payment processing, software development, and control systems to group companies.
In exchange for providing electronic payment services, software development, and control systems.
Client Companies Within Asfar Group
These companies are both shareholders (via the cross-board structure) and primary clients of Asfar Payment Services.
Relationship to the Saudi Smart Card Issuance Project
The organizational and financial structure outlined in this document serves as a reference framework demonstrating the group's governance maturity, operational readiness, and execution capability.
While the Saudi entity will operate independently, it will benefit from:
- Transferred operational know-how
- Proven payment and kiosk technology platforms
- Established compliance and risk management practices
A dedicated organizational chart, capital structure, and management appointments for the Saudi entity will be submitted separately at the appropriate regulatory stage.