Customers will be able to send, request or receive money, transfer internationally and top up their wallets on the upcoming app.
Dubai,UnitedArabEmirates, 04January 2022: PayBy, a leading fintech innovator recently acquired by Astra Tech in August 2022, has been licensedbytheCentralBankoftheUAEtoconductStoredValueFacility (SVF) and Retail Payment Services (RPS) operations. The license represents 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 internationalmoneytransfers,seamlesspaymentsolutions,wallettop-ups,andmoreonAstraTech’supcoming app to be launched in the coming months.
Founder and CEO ofAstra Tech,AbdallahAbu Sheikh, commented: “We are honored to have secured the license from UAE’s Central Bank which marks a huge milestone achievement for bothAstraTech 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.AstraTech will stay true to its mission of offering a more robust value proposition to customersandmerchantsbyeliminatingtheburdenofunfavorable&compoundedcommissionstructuresthat are usually passed on to suppliers, partners, and consumers by today’s super apps.”
AstraTech 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 500 million USD(AED1.8Billion)fromvariousstrategicinvestorsandpartners,bringingthecompanyonestepclosertoits vision of launching an app. PayBy is one of the largest fintech companies in the region, with over AED 600 million in transactions as of May 2022, and aims to build an all-in-one mobile payment ecosystem intheUAE and GCC, offering a safe and contactless payment solution. Astra Tech’s acquisition of PayBy follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.
AstraTech(‘Astra’)isaUAE-basedtechnologyinvestmentanddevelopmentgroupformedbyAbdallahAbuSheikh, a pioneering serial entrepreneur in the Middle East and Africa’s (MEA) tech start-up ecosystem. Under Abu Sheikh’s leadership, the Astra Group is taking strides to become one of the largest consumer technology groupsfromtheregionbybuildingtheworld’sﬁrstultraplatformandecosystem.Theplatformwillprovideseamless connectivity between consumers and businesses, enabling users to eﬀortlessly access home, e-commerce, and ﬁntech services within one place, three times faster than through competing platforms. Astra’s mission is to enrich people’s lives by making communication and e-commerce more seamless, connected, and natural.
AstraisraisingUSD500million(AED1.8billion)and has acquired a ﬁntechplatform, PayBy, and a non-demand home services platform, Rizek, to turbocharge its speed to market with user-rich, ﬁnancially viable, and customer-centricassets.
AstraTech’sPayByhasbeenlicensedbytheCentralBankofUAEforStored ValueFacility SVF)andRetailPaymentServices(RPS)thatwillbeintegratedwithintheupcomingultraplatformtofurtherunlock hemassivepotentialofAstraTechforitsusers,partners,andsocietyatlarge.