NALA Appoints Former TerraPay Compliance Chief Ashraf Aly as Global Head of Compliance & Risk

Fintech firm NALA has appointed Ashraf Aly as Global Head of Compliance & Risk to oversee its consumer and B2B operations. As the company scales its stablecoin-based settlement infrastructure, Rafiki, securing high-level regulatory expertise is a critical step in managing the complex cross-border flows now being transitioned by major banks and global enterprises.

What was announced

Ashraf Aly joins NALA from TerraPay, where he served as Group Head of Compliance for a global cross-border payments network that settles with banks and wallets in 158 countries. His previous experience includes a tenure as Director of Compliance at Careem and four years at the FCA-regulated UK business lender iwoca, where he held the roles of Head of Compliance, MLRO, and DPO. At NALA, Aly is tasked with leading risk management for both the consumer-facing application and Rafiki, the company’s B2B stablecoin payment infrastructure.

Rafiki is currently utilized by major industry players, including MoneyGram and TransferGo, to facilitate cross-border transactions. The strategic hire comes at a time when an increasing number of banks and enterprises are transitioning their cross-border flows onto the Rafiki platform. This operational growth follows NALA's acquisition of a credit facility of up to $50 million from Liquidity earlier this year. Aly’s role will be central to maintaining the integrity of these flows as the company integrates more deeply with traditional financial institutions and scales its blockchain-based settlement solutions across diverse geographies.

The companies involved

NALA is a fintech company focused on building payment solutions for emerging markets. While it began with a consumer application designed to facilitate remittances, it has expanded significantly into the B2B space through Rafiki. Rafiki operates as a stablecoin-based infrastructure layer, designed to modernize the settlement process for global payments by reducing the friction typically associated with traditional banking rails. Supporting this growth is LIQUiDITY, a global capital provider that specializes in providing credit facilities to technology companies. Earlier this year, LIQUiDITY extended a $50 million facility to NALA, providing the necessary liquidity to scale its B2B operations. NALA’s expansion into stablecoin settlement positions it as a bridge between traditional finance and blockchain-based assets, specifically targeting the inefficiencies in emerging-markets payments. The company maintains a presence in multiple jurisdictions, requiring a robust compliance framework to manage the diverse regulatory requirements of the countries where its partners operate.

What FF News has reported before

FF News has tracked NALA’s evolution from a regional player to a global infrastructure provider. In 2023, we reported when NALA receives PSP License from Bank of Tanzania, a key milestone for its African operations. This was followed by a significant capital boost in mid-2024, as NALA Raises $40m to Build Cross-Border Payments for Emerging Markets. More recently, our coverage has focused on the company’s B2B pivot. In early 2026, we reported that Noah and NALA Launch Instant Stablecoin Settlement Network to Modernise $850bn Emerging-Markets Payments. This was followed by a major partnership announcement where MoneyGram and NALA Partner for Stablecoin Settlement Across Africa and Asia, cementing Rafiki’s role in the global settlement landscape.

What this means

This hire signals that the era of "move fast and break things" in stablecoin remittances is over. By recruiting a compliance lead with experience at both an FCA-regulated lender and a massive global network like TerraPay, NALA is acknowledging that its future depends on institutional trust rather than just technical speed. As stablecoins move from the fringes to the core of B2B settlement, the pressure is mounting on traditional correspondent banks to justify their fees and delays. However, the real challenge for the sector remains the fragmented global regulatory landscape; NALA’s ability to navigate this will determine if Rafiki becomes a standard or remains a niche alternative.