du, the telecom company, has been permitted by the Central Bank of the UAE to provide new digital financial services.
This means du, also known as Emirates Integrated Telecommunications Company (EITC), can introduce modern financial solutions that help advance the UAE's financial system. With these licenses, du can offer various digital financial services that match the changing needs of customers in today's digital world.
This license will place EITC at the forefront of the changing fintech scene in the region. It will also help the UAE in its efforts to encourage innovation, competition, and financial inclusion, promoting a society where cashless transactions are more common.
“We believe that the EITC's entry into the digital financial services space will further enhance the financial landscape of the UAE through customer-centric solutions that will contribute to its growth and development,”
said Fahad Al Hassawi, CEO of EITC.
EITC aims to offer individuals and businesses easy, safe, and effective solutions to make their financial transactions simpler. Meanwhile, Etisalat, the other telecom operator in the UAE, is already offering various fintech solutions to its customers.
News Source: Khaleej Times
