Al Ansari to launch digital wallet upon regulatory approvals
Dubai – Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services, recently secured final approvals from the Central Bank of the UAE (CBUAE) for both the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licences, according to a press release.
The licenses mark a pivotal step toward the official launch of Al Ansari's digital wallet, reinforcing the company's commitment to financial inclusion and driving the national vision of a cashless economy.
Al Ansari Digital Pay is set to launch its comprehensive mobile application Al Ansari Wallet in the second quarter (Q2) of 2025, delivering an all-in-one 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, bridging the gap in digital payments for those who may not have access to traditional banking.
This milestone follows the In Principle approval granted by the CBUAE, marking the final step before the official launch of operations.
With the SVF license, Al Ansari Digital Pay can allow users to open digital accounts, offering customers a seamless, secure and efficient way to manage their funds digitally.
On the other hand, the RPSCS license will enable the company to issue prepaid cards, facilitate merchant payments, and provide acquiring services for both online and retail businesses, further expanding its fintech capabilities.
Deputy Group CEO at Al Ansari Financial Services, Mohammad Bitar, said: 'This milestone brings us closer to revolutionising digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem.'
Bitar added: 'As the financial landscape evolves, we are committed to staying ahead by integrating cutting-edge technology and innovative solutions that not only meet today's demands but also anticipate the needs of tomorrow.'
Meanwhile, Al Ansari Digital Pay projects AED 12 million in total revenue for its first full year, with a substantial growth trajectory targeting a 67% compound annual growth rate (CAGR) by the third year.
In addition, Al Ansari Wallet service offerings will complement the product suite of Al Ansari Financial Services businesses.
It is worth noting that the parent company Al Ansari Financial Services recently unveiled a recommendation to distribute cash dividends worth AED 315 million for 2024.
Source: Mubasher
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