Fintech
Astra Tech’s Quantix Becomes First Fintech to Receive CBUAE Finance Company License — TradingView News
- The new license positions Astra Tech as the UAE’s only full-service fintech group that combines PayBy and Quantix’s SVF, RPSCS and Finance Company licenses
Dubai, United Arab Emirates: In a groundbreaking development set to reshape the UAE’s financial landscape, Astra Tech’s wholly-owned subsidiary, Quantix Technology Projects LLC (“Quantix”), has been granted a full financial company license by the Central Bank of the United Arab Emirates (“CBUAE”). This historic milestone positions Quantix as the first fintech platform to receive this coveted license and underscores its rapid rise to become the UAE’s first officially licensed fintech operator with this distinction.
This prestigious license authorizes Quantix, by extension Astra Tech, to offer a wide range of lending, credit and microfinance services, significantly enhancing its financial portfolio through its digital platforms. Surprisingly, this is the first financial company license granted by the CBUAE since 2016, a testament to Astra Tech’s commitment and investment in regulatory compliance.
In line with the Central Bank Circular No. 3/2023, this finance company license would allow Quantix to provide retail financing such as personal loans, short-term credit, vehicle loans, BNPL (buy now, pay later), RNPL (rent now, pay later), SNPL (send now, pay later) and more. This expansion is a crucial step towards advancing financial inclusivity and addressing the growing demand for microfinance in the region.
Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented on the historic milestone: “Two years ago, we set out to create the region’s first Ultra platform that provides services previously unavailable to users in this part of the world. Since then, we have improved millions of lives with our communication, digital wallet and cross-border money transactions. Today, with the support of CBUAE, we are embracing a new challenge. One that is set to disrupt a traditionally stagnant industry, where access to microcredit and financing has remained limited. In collaboration, our goal is to create a financial framework that not only promotes economic growth, but also embodies monetary stability, efficiency and resilience.”
In 2023, Astra Tech emerged as a leading player in the digital cross-border money transfer and prepaid card space, establishing itself as the largest fintech card issuer in the UAE in just one year. This unprecedented growth is further underpinned by Astra Tech’s strategic acquisitions and innovative approach, including PayBy’s acquisition of the SVF and RPSCS licenses from the Central Bank of the UAE.
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About Astra Tech:
Astra Tech is the MENA region’s leading consumer technology holding group, dedicated to transforming everyday services with its revolutionary Ultra app. The group owns PayBy, Rizek, Botim and Quantix LLC, culminating in the creation of the Ultra app under the Botim umbrella. Today, Botim operates in 155 countries, serving over 150 million users, offering free end-to-end encrypted VoIP calls, and seamlessly integrating additional services such as international money transfers, bill payments, UAE visa services and more. Astra Tech remains steadfast in its mission to advance technology and enhance user experience in the region through continuous innovation.
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