UAE fintech PayBy receives both SVF and RPS licences from the UAE Central Bank
UAE fintech PayBy has been licensed by the Central Bank of the UAE to conduct Stored Value Facility (SVF) and Retail Payment Services (RPS) operations.
Astra Tech acquired PayBy in August 2022 and now these licenses represent one of the country’s highest levels of financial services approvals, enabling Astra Tech’s PayBy to continue altering the fintech landscape with its payment solutions. Customers and merchants will experience ultra-fast and secure services, such as international money transfers, seamless payment solutions, wallet top-ups, and more on Astra Tech’s upcoming app to be launched in the coming months.
Abdallah Abu-Sheikh (pictured), Founder and CEO of Astra Tech, stated, “We are honored to have secured the license from UAE’s Central Bank which marks a huge milestone achievement for both Astra Tech and PayBy. We’re excited to launch our secure payment solutions to customers and merchants in the UAE to enable smoother digital transactions and make everyday commerce friction-free. We have always aligned with the UAE’s vision of creating a cashless ecosystem and are thankful to the Central Bank for trusting us with our secure technology. Astra Tech will stay true to its mission of offering a more robust value proposition to customers and merchants by eliminating the burden of unfavorable & compounded commission structures that are usually passed on to suppliers, partners, and consumers by today’s super apps.”
Astra Tech is acquiring and equipping sector-leading customer-centric businesses with disruptive and progressive technologies that will enrich merchants’ and users’ lives with effortless usability and efficiency, a gap that currently remains unfulfilled in the UAE digital commerce space today.
Astra Tech is one of the biggest additions to the MEA’s ever-growing tech ecosystem aiming to raise USD500 million (AED1.8 billion) from various strategic investors and partners, bringing the company one step closer to its vision of launching an app. PayBy is one of the largest fintech companies in the region, with over AED600 million in transactions as of May 2022, and aims to build an all-in-one mobile payment ecosystem in the UAE and GCC, offering a safe and contactless payment solution.
