PayBy, a UAE-based fintech start-up recently acquired by Astra Tech in August, has been granted a license by the Central Bank of the UAE to conduct Stored Value Facility and Retail Payment Services operations.
This will allow PayBy customers and merchants will experience speedy and secure services, such as international money transfers, seamless payment solutions and wallet top-ups on Astra Tech’s upcoming app to be launched in the coming months.
Founder and CEO of Astra Tech, Abdallah Abu Sheikh, said: “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.”
PayBy is one of the largest fintech companies in the region, with more than AED 600 million in transactions as of May.
Astra Tech’s acquisition of PayBy follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.
Commenting on the acquisition of PayBy, co-founder and CEO of Astra Tech, Abu Sheikh, said in August: “PayBy has been instrumental in pioneering financial inclusion in the UAE and is considered a key player in the cashless ecosystem. As we integrate PayBy’s technologies, solutions and teams into Astra’s ultra platform, our speed and ability to supercharge our services with industry-leading payments and money transfer solutions has accelerated immensely.”
Astra Tech equips customer-centric businesses with advanced technologies that will enhance merchants’ and users’ lives experience .
Astra Tech seeks to raise $500 million (AED 1.8 billion) from various strategic investors and partners to develop an ‘ultra’ digital platform.
Last year, the funding ecosystem of the UAE saw massive growth compared to previous years, owing to the region’s inspiring entrepreneurial talent, Fintech Global reports.
Fintech companies were the most funded entities in the first quarter of 2022, raising $368.8 million across 43 deals.
