The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business3 days ago
Dubai-based consumer technology holding firm Astra Tech's subsidiary Quantix Technology Projects has been granted a licence by the Central Bank of the UAE, offering microfinancing to UAE residents.
The fintech company will offer personal loans, short-term credit, auto loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later) and more to the residents.
This is the first finance company license granted by the Central Bank of the UAE since 2016.
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The UAE’s fintech market is expected to grow significantly in the coming years, driven by the increasing demand for online payment solutions and the growth of the e-commerce industry. The UAE boasts a robust infrastructure that supports the development of fintech applications. According to Mordor Intelligence, the UAE Fintech market size is expected to grow from $3.16 billion in 2024 to $5.7 billion in 2029.
In addition to Quantix, Astra Tech also owns PayBy, Rizek and Botim.
Currently, Botim operates in 155 countries, serving over 150 million users, offering free end-to-end encrypted VoIP calling and integrating additional services seamlessly such as international money transfers, bill payments, UAE visa services, and more.
“Two years ago, we committed to creating the region’s first Ultra platform that provides previously unavailable services to users in this part of the world. We've since enhanced millions of lives with our communication, digital wallet, and cross-border money transactions,” said Abdallah Abu Sheikh, founder and CEO of Astra Tech.
He said this has been traditionally a stagnant sector, where access to micro-loans and financing remained limited. “Collaboratively, our goal is to create a financial framework that not only fosters economic growth but also embodies monetary stability, efficiency, and resilience.”
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