New digital wallet creates more growth options for DFM-listed company
Al Ansari Financial Services’ fintech platform is launching a digital wallet, adding yet another payment option for consumers in the UAE.
The final approval for the digital wallet has been received from the UAE Central Bank. It was issued to Al Ansari Digital Pay, which is the fintech entity.
The licenses cover the Stored Value Facility (SVF) as well as Retail Payment Services and Card Schemes (RPSCS).
The Al Ansari digital wallet is about reinforcing the company’s commitment to financial inclusion and driving the UAE’s vision of a cashless economy’.
With the SVF license, Al Ansari Digital Pay can get users to open digital accounts, and for them to manage their funds digitally.
The RPSCS license will allow it to issue prepaid cards, help with merchant payments, and provide acquiring services for both online and retail businesses.
The Al Ansari Wallet is set to launch in-Q2 2025,delivering ‘fintech solution that will cater to both individual consumers and businesses’.
“The platform will empower unbanked and underbanked communities with accessible and affordable financial services including micro-financing solutions,” said a statement.
Online payment options are now the default setting for legions of UAE consumers.
Source: gulfnews