PayBy receives licenses from the UAE Central Bank

Fintech innovator Pay with have received licenses from United Arab Emirates Central Bank to run Stored Value Facility (SVF) and Retail Payment Services (RPS) operations.

UAE-based technology investment and development group Astra Tech bought PayBy in August 2022. The central bank’s licenses mean that PayBy can continue to deliver payment solutions to the fintech industry. The licenses for SVF and RPS operations represent one of the UAE’s highest levels of financial services approval.

Due to the latest developments, PayBy’s customers and merchants can access secure services including international money transfers, seamless payment solutions, wallet top-ups and more. Users will be able to access all their services via an app that will soon be released by Astra Tech. The app is expected to launch in the coming months.

Astra Tech explained that it aims to continue to “acquire and equip sector-leading customer-centric businesses with disruptive and progressive technologies”. Ultimately, the company aims to offer greater user-friendliness and efficiency to users’ everyday lives.

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

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

Securing central bank licences

Abdullah Abu Sheikh, founder and CEO of Astra Tech, gave his view on getting the licenses. He explained: “We are honored to have secured the license from the UAE Central Bank, which marks a major milestone for both Astra Tech and PayBy.

“We are excited to launch our secure payment solutions to customers and merchants in the UAE to enable smoother digital transactions and make daily commerce frictionless. We have always been aligned with the UAE’s vision of creating a cashless ecosystem. We are also grateful to the Central Bank for trusting us with our secure technology.

“Astra Tech will remain true to its mission of providing a more robust value proposition to customers and merchants by eliminating the burden of unfavorable and complex commission structures typically passed on to vendors, partners and consumers of today’s super apps.”

Astra Tech also recently acquired a provider of personal and home services Rizek. The acquisition aimed to accelerate a path to a digitized ecosystem, as the acquisition of PayBy also attempted.

Rizek has also already expanded from the UAE to the likes of KSA and Egypt. The platform provider aims to simultaneously offer Asia access to its services. Rizek also aims to contribute with a corporate culture of limitless innovation to create value for users.