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PayBy receives license from the CBUAE to conduct SVF and RPS operations

By Leandra Monteiro

January 06, 2023

  • Astra Tech
  • Central Bank UAE
  • Cross Border Payments
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PayBy PayBy, a FinTech innovator recently acquired by Astra Tech, has been licensed by the Central Bank of the UAE to conduct Stored Value Facility (SVF) and Retail Payment Services (RPS) operations.

The license represents one of the country’s highest levels of financial services approvals, enabling Astra Tech’s PayBy to continue altering the FinTech landscape with its payment solutions. Customers and merchants will experience ultra-fast and secure services, such as international money transfers, seamless payment solutions, wallet top-ups, and more on Astra Tech’s upcoming app to be launched in the coming months.

Founder and CEO of Astra Tech, Abdallah Abu Sheikh, commented, “We are honoured to have secured the license from UAE’s Central Bank which marks a huge milestone achievement for both Astra Tech and PayBy. We’re excited to launch our secure payment solutions to customers and merchants in the UAE to enable smoother digital transactions and make everyday commerce friction-free. We have always aligned with the UAE’s vision of creating a cashless ecosystem and are thankful to the Central Bank for trusting us with our secure technology. Astra Tech will stay true to its mission of offering a more robust value proposition to customers and merchants by eliminating the burden of unfavourable and compounded commission structures that are usually passed on to suppliers, partners, and consumers by today’s super apps.”

Astra Tech is acquiring and equipping sector-leading customer-centric businesses with disruptive and progressive technologies that will enrich merchants’ and users’ lives with effortless usability and efficiency, a gap that currently remains unfulfilled in the UAE digital commerce space today.

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