Dubai’s Al Ansari Digital Pay is preparing to launch a digital wallet next year having received the regulatory green light from the Central Bank of the UAE.
In a statement, the Al Ansari Financial Services subsidiary said it had received initial approval of a Store Value Facilities and Retail Payment Service Provider license which means the firm can press ahead with plans to launch the wallet in Q2 of 2024.
Aligned with the government’s ‘cashless society’ initiative and in support of the ‘financial inclusion’ agenda, Al Ansari Digital Pay said its digital wallet will target the unbanked population. Through the Al Ansari Digital Payplatform, users can receive salary, remit money domestically and abroad, settle bills, and access various digitally enabled services using a personal QR code, a dedicated app, or their phone number.
This advancement of the Digital Pay platform is part of broader plans by Al Ansari Financial Services Group to create a diversified digital one-stop-shop marketplace.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said, “Al Ansari Financial Services is committed to enhancing the lives of our users through cutting-edge technology. Al Ansari Digital Pay is a game changer and embodies our vision to create a fintech platform that complements our position as a leading digital services provider. with a vast consumer base exceeding 4 million customers, we are confident that this initiative will significantly benefit a large segment of consumers across the UAE.”
He added: “Our aim is to simplify the financial experiences of our users, providing them with the freedom to manage and access their funds while prioritising responsible financial practices. This is our commitment to a more financially secure and user-centric future.”
Additionally, the digital wallet will provide users with the tools required to make more prudent financial decisions, giving them purchasing power and more seamless access to funds and transaction history for both personal and business needs. It will also offer micro-financing options through strategic partnerships with licensed financial institutions.
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