PayBy Receives Licences From the UAE’s Central Bank

fintech innovator pay by Licensed from. United Arab Emirates Central Bank To operate our Stored Value Facility (SVF) and Retail Payment Services (RPS).

United Arab Emirates based technology investment and development group Astra Tech acquired PayBy in August 2022. The central bank license will allow PayBy to continue providing payment solutions to the fintech industry. The license for SVF and RPS operations is one of the UAE’s highest levels of financial services authorization.

The latest developments give PayBy customers and merchants access to secure services such as cross-border transfers, seamless payment solutions and top up wallets. Users can access all services via an app that Astra Tech will soon release. The app will be released within the next few months.

Astra Tech said it aims to continue “acquiring sector-leading, customer-centric business and delivering disruptive and progressive technology.” The company ultimately aims to bring greater usability and efficiency to users’ daily lives.

Astra Tech is now looking to raise $500 million from investors and partners to secure the launch of the app.

PayBy itself boasted over 600 million AED in transactions as of May 2022. The innovator aims to build an all-in-one mobile payment ecosystem across the UAE and GCC, providing secure and contactless payment solutions.

Secure Central Bank License
Abdallah Abu-Sheikh, Founder and CEO of Astra Tech

Abdallah Abu SheikhFounder and CEO of Astra Tech provided his views on licensing. He explains:

“We are excited to launch a secure payment solution for our customers and merchants in the United Arab Emirates to enable smoother digital transactions and make everyday commerce frictionless. We have always worked with the UAE’s vision of building a cashless ecosystem, and we thank the Central Bank for their trust in our secure technology.

“Astra Tech is on a mission to provide customers and merchants with a stronger value proposition by removing the burden of unfavorable and complex fee structures typically passed on to suppliers, partners and consumers by today’s super apps. Stay loyal.”

Astra Tech also recently acquired a personal and home service platform provider. RizekThe acquisition was intended to accelerate the path towards a digitized ecosystem. pay by also tried.

Rizek has already expanded from the UAE to KSA, Egypt and more. Platform providers aim to provide access to Asian services at the same time. Rizek also aims to contribute to a corporate culture of borderless innovation to create value for users.

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