KamelPay secures UAE payment licences

By Milan Rojan

KamelPay has secured Stored Value Facilities (SVF) and Retail Payment Services (RPS) licences from the Central Bank of the UAE (CBUAE), strengthening its regulatory position and supporting the expansion of its digital payment services.

The approvals have authorised KamelPay to operate regulated payment services under the CBUAE framework, placing the FinTech among a select group of licensed payment providers in the UAE. The company has stated that the licences have established the regulatory foundation for expanding its payment capabilities within the country’s digital payments ecosystem.

Hussain AlQemzi, Chairman of KamelPay, has said the licences have reinforced the company’s commitment to supporting the UAE’s digital economy by providing secure and regulated financial services for businesses and their workforce.

Founded in 2021, KamelPay has focused on payroll and business payment solutions for organisations across sectors including construction, retail, logistics, hospitality, real estate and financial services. The company has said it currently serves more than 2,000 corporate customers and supports payments for over 400,000 employees across the UAE.

Saadaat Yaqub, Co-Founder and Director of KamelPay, has said the regulatory approvals have enhanced the company’s operating model by enabling faster product innovation and expanding customer value while maintaining high standards of compliance and security.

According to KamelPay, the licences have strengthened its ability to deliver payment services through its own regulated infrastructure, enabling greater flexibility to introduce new products while maintaining compliance with regulatory requirements.

Ehsan Rahman, Chief Executive Officer of KamelPay, has said the licences have strengthened the company’s payroll and corporate payment offerings, including AbsoluteCard, while providing a platform for future payment innovations.

The approvals have reflected the continued growth of the UAE’s regulated FinTech sector as digital payment providers expand services under the country’s evolving regulatory framework.