Quantix Technology Projects, a subsidiary of Dubai-based Astra Tech, a consumer technology holding firm, has secured a license from the Central Bank of the UAE to provide microfinancing services to UAE residents. The fintech entity is set to offer a range of financial products including personal loans, short-term credit, auto loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later), and others to its customers. This marks the first finance company license issued by the Central Bank of the UAE since 2016.
The UAE's fintech sector is poised for substantial growth in the near future, fueled by the rising demand for online payment solutions and the expansion of the e-commerce sector. The country's strong infrastructure supports the growth of fintech applications. According to Mordor Intelligence, the UAE Fintech market is projected to expand from $3.16 billion in 2024 to $5.7 billion by 2029. Astra Tech, in addition to Quantix, also owns PayBy, Rizek, and Botim.
Botim, currently operational in 155 countries and serving over 150 million users, provides free end-to-end encrypted VoIP calling and integrates additional services like international money transfers, bill payments, UAE visa services, and more. Abdallah Abu Sheikh, the founder and CEO of Astra Tech, highlighted the company's commitment to developing the region's first Ultra platform, which offers unique services to users in the Middle East. He noted that traditionally, this sector has been stagnant with limited access to micro-loans and financing. Abu Sheikh emphasized the collective goal to establish a financial framework that promotes economic growth while ensuring monetary stability, efficiency, and resilience.
