Astra Tech's wholly owned subsidiary, Quantix Technology Projects LLC (Quantix), has achieved a significant milestone by securing a full Finance Company Licence from the Central Bank of the UAE (CBUAE).
This landmark achievement positions Quantix as the first fintech platform to receive this esteemed licence, underscoring its swift rise to become the UAE’s first officially licensed fintech operator with this distinction.
The prestigious licence enables Quantix and by extension Astra Tech, to offer a comprehensive range of lending, credit, and micro-financing services, significantly enhancing its financial portfolio through its digital platforms. Notably, this is the first Finance Company Licence granted by the CBUAE since 2016, reflecting Astra Tech’s dedication to and investment in regulatory compliance.
In accordance with Central Bank’s Circular No. 3/2023, this licence allows Quantix to provide retail financing options such as personal loans, short-term credit, vehicle loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later), and more. This expansion is a crucial step toward advancing financial inclusivity and addressing the growing demand for micro-financing in the region.
Abdallah Abu Sheikh, Founder and CEO of Astra Tech, remarked,
Two years ago, we committed to creating the region’s first Ultra platform that provides previously unavailable services to users in this part of the world. We've since enhanced millions of lives with our communication, digital wallet, and cross-border money transactions. Today, with the support of CBUAE, we embrace a new challenge. One that is set on revolutionising a traditionally stagnant sector, where access to microloans and financing remained limited. Collaboratively, our goal is to create a financial framework that not only fosters economic growth but also embodies monetary stability, efficiency, and resilience.
The issuance of this Finance Company Licence to Quantix is a testament to the innovative strides Astra Tech is making in the fintech sector. The licence will enable Quantix to play a pivotal role in meeting the region's micro-financing needs, promoting financial inclusivity, and contributing to the UAE's economic growth.
With this licence, Quantix is set to revolutionise the financial services landscape by providing accessible and diverse financing options to a broader audience. This move aligns with Astra Tech’s vision of transforming the fintech sector and delivering cutting-edge financial solutions that cater to the evolving needs of consumers in the UAE and beyond.
News Source: Emirates Media Agency
