KamelPay, a fintech startup founded in 2021, has secured crucial Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses from the Central Bank of the UAE (CBUAE). This regulatory approval allows KamelPay to operate within the UAE's structured payment framework, a significant milestone for the company as it seeks to enhance its offerings in the competitive fintech landscape. With a client base exceeding 2,000 corporate entities and support for over 400,000 employees, KamelPay is poised to leverage its new licenses to expand its payroll and business payment solutions further.
The company’s product suite includes a payroll platform that aligns with the Wage Protection System (WPS) compliance and AbsoluteCard, a corporate spend management tool designed to provide finance teams with enhanced visibility and control over expenditures. Hussain AlQemzi, Chairman of KamelPay, emphasized the importance of a robust financial ecosystem for economic strength, expressing gratitude to the CBUAE for the trust placed in KamelPay through these licenses. This approval not only affirms KamelPay's commitment to the UAE’s digitization agenda but also positions it strategically within the regulated fintech ecosystem.
As KamelPay embarks on this new chapter, the implications for the broader fintech sector in the UAE are significant. The ability to operate under a regulated framework enhances KamelPay's credibility and opens avenues for potential partnerships and investments. The move aligns with the UAE's broader goals of fostering innovation and digital transformation in financial services, setting a precedent for other fintechs in the region to follow suit. With increasing competition in the payment services market, KamelPay's regulatory backing may provide it with a competitive edge as it scales its operations.
The company’s product suite includes a payroll platform that aligns with the Wage Protection System (WPS) compliance and AbsoluteCard, a corporate spend management tool designed to provide finance teams with enhanced visibility and control over expenditures. Hussain AlQemzi, Chairman of KamelPay, emphasized the importance of a robust financial ecosystem for economic strength, expressing gratitude to the CBUAE for the trust placed in KamelPay through these licenses. This approval not only affirms KamelPay's commitment to the UAE’s digitization agenda but also positions it strategically within the regulated fintech ecosystem.
As KamelPay embarks on this new chapter, the implications for the broader fintech sector in the UAE are significant. The ability to operate under a regulated framework enhances KamelPay's credibility and opens avenues for potential partnerships and investments. The move aligns with the UAE's broader goals of fostering innovation and digital transformation in financial services, setting a precedent for other fintechs in the region to follow suit. With increasing competition in the payment services market, KamelPay's regulatory backing may provide it with a competitive edge as it scales its operations.
Source: Fintech News ME
