Astra Tech, a consumer technology holding firm based in Dubai, through its subsidiary Quantix Technology Project, has been given a license by the Central Bank of the UAE to offer microfinancing to individuals in the United Arab Eminence.
Personal loans, short-term credit, auto loans, BNPL (Buy Now Pay Later), RNPL (Rent Now Pay Later), and SNPL (Send Now Pay Later) are some of the products the fintech company will provide to the residents.
This is the first license for a finance company since the Central Bank of the UAE passed the regulations in 2016.
Currently; the UAE has registered significant progress in the market for Fintech and its market is envisaged to expand in the years to come as more people embrace the use of online payment solutions due to the expansion of e-commerce.
The UAE has a sufficiently well-developed infrastructure that allows for the functioning of applications in the field of fintech. By 2024, the size of the Fintech industry in the UAE is $3.16 billion and is likely to rise to $5.7 billion by 2029 based on Mordor Intelligence.
Apart from Quantix, Astra Tech has PayBy, Rizek and Botim financial services companies.
Presently, it is active in 155 countries with its service connecting more than 150 million users; Recently, It provided end-to-end encrypted Voice over Internet protocol calling service for free and it has been integrated with other related services like – International money transfers, bill payments, UAE visa, etc.
“Two years ago we aimed to build the first Ultra platform to offer hitherto unavailable services to the users of this region of the world and with communication solutions, digital wallets, and international money transfers, have improved millions of lives,” said Abdallah Abu Sheikh, founder and CEO of Astra Tech.
He added that has been a sector that was known to be slow-growing, and the organizations were always unable to get micro-loans and financing. “In unison, the primary aim is to design a structure that enhances the nations’ economic outcome and, at the same time provides monetary soundness, efficacy, and robustness.”