Fintech company PayBy, recently acquired by Astra Tech in August 2022, has been licensed by the Central Bank of the UAE to conduct Stored Value Facility (SVF) and Retail Payment Services (RPS) operations.
Customers and merchants will be able to 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.
Founder and CEO of Astra Tech, Abdallah Abu Sheikh, commented: “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 unfavourable and compounded commission structures that are usually passed on to suppliers, partners, and consumers by today’s super apps.”
Astra Tech is one of the biggest additions to the MEA’s ever-growing tech ecosystem aiming to raise $500m (Dhs1.8bn) 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 Dhs600m, 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.
Astra Tech’s acquisition of PayBy follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.