UAE-based fintech company KamelPay, has secured two major licenses from the Central Bank of the UAE (CBUAE), allowing it to expand its digital payment services in the country. On Friday, the Dubai-based company announced the acquisition of Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses. The development establishes a formal framework to let KamelPay operate digital paymeny services on its own payment infrastructure.
KamelPay was founded in 2021. Its service offerings include corporate payroll and business payment solutions across sectors including construction, retail, real estate, logistics, hospitality, and financial services.
Hussain AlQemzi, the Chairman of KamelPay said the company has aligned its future goals with that of UAE’s national ambitions — making the digital financial ecosystem more inclusive — for all sectors of the working class residents.
“As the UAE continues to advance its digital economy, ensuring that businesses of every size and every member of the workforce have access to secure, regulated, and inclusive financial services becomes increasingly important. KamelPay is founded to help bridge this gap,” AlQemzi noted.
The platform said it presently serves over 2,000 corporate clients, digitally dispersing payments for over 400,000 employees across the UAE.
Its new licenses will reduce KamelPay’s dependency on third-party frameworks to expand digital transfers with greater operational agility, it said.
“These licenses strengthen both solutions by giving our customers greater confidence, stronger compliance, and an opportunity for us to think of bigger and newer solutions,” said Ehsan Rahman, Chief Executive Officer of KamelPay.
PayD, which focuses on payroll and workforce financial services, and AbsoluteCard, a corporate payments and expense management platform are among KamelPay’s flagship initiatives. The platform is also working with over 10 banks to facilitate digital payments and payroll services.
The UAE is taking active measures to drive a cashless economy via national infrastructure upgrades. Dubai alone aims to convert 90 percent of all transactions to be digital by the end of this year as part of the Dubai Cashless Strategy.
In January, a research by Visa had reported that 68 percent of its UAE users are now largely non-cash.
