Damisa, a platform focused on reinventing money transfer and data transfer mechanisms globally, has announced its initiative to launch local payment networks and money transfer services in six Gulf countries. This will utilize the On/Off-Ramp mechanism, providing smart solutions for seamless and secure access to the digital financial system.
This initiative marks a strategic move aimed at enhancing access to the digital economy for both businesses and individuals in the region. From today, partners can execute their transactions using the local currencies of the Gulf Cooperation Council (GCC) member states directly via local bank accounts, eliminating the traditional complications and delays associated with cross-border money transfers. The currencies included are the UAE Dirham, Bahraini Dinar, Omani Rial, Qatari Rial, Saudi Riyal, and Kuwaiti Dinar.
Jordan Lawrence, the CEO and co-founder of Damisa, stated, “We view this step as a cornerstone of our vision, not only to simplify asset flows and data exchange globally but also to streamline them significantly. Through direct integration with local financial infrastructure in the GCC countries, we are working to remove barriers that have long hindered international payment processes. The traditional cross-border banking system is often costly and slow, presenting challenges particularly for companies that operate across multiple nations. However, our infrastructure is designed to efficiently address these challenges.”
He further explained, “With the availability of local payment networks and On/Off-Ramp money transfer services, our partners can conduct transactions in local currencies immediately, without delays or the financial burdens of foreign currency conversions and the complexities of cross-border payment regulations. This signifies a fundamental transformation in the operational mechanisms of businesses across vital sectors such as real estate, travel, education, and e-commerce throughout the Gulf region.” Addressing the significance and impact of this development, Lawrence commented, “This launch is not merely a conventional step; it represents a strategic leap into the future, particularly as it opens up promising opportunities for both local and international businesses to establish their presence in new markets and reshape their operations to be more agile, enabling them to confidently transition into the digital economy with complete reliability.”