Dubai – Sharikat Mubasher: Astra Tech's wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), announced being granted a full Finance Company License by the Central Bank of UAE (CBUAE).
This historic milestone positions Quantix as the first fintech platform to receive this coveted license, and highlights its rapid ascent to becoming the UAE’s first officially licensed fintech operator with this distinction, according to the company’s press release.
This prestigious license empowers Quantix, by extension Astra Tech, to offer an expansive suite of lending, credit, and microfinancing services, vastly enhancing its financial portfolio through its digital platforms. Remarkably, this is the first Finance Company License granted by the CBUAE since 2016, a testament to Astra Tech’s commitment to and investment in regulatory compliance.
In line with Central Bank’s Circular No. 3/2023, this Finance Company License would enable Quantix to provide retail financing such as personal loans, short-term credit, vehicle loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later) and more. This expansion is a crucial step toward advancing financial inclusivity and addressing the increasing demand for microfinancing in the region.
Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented: “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. Today, with the support of CBUAE, we embrace a new challenge. One that is set on revolutionizing a traditionally stagnant sector, where access to microloans 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.”
In 2023, Astra Tech emerged as a leading player in the digital cross-border money transfer and prepaid card sector, establishing itself as the largest fintech card issuer in the UAE within just a year. This unprecedented growth is further substantiated by Astra Tech's strategic acquisitions and innovative approach, including PayBy's acquisition of SVF and RPSCS licenses from the Central Bank of the UAE.
