Al Ansari Digital Pay Secures Final Approvals to Launch Digital Wallet, Advancing Financial Inclusion and the UAE's Cashless Society
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. Meanwhile, 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.
Al Ansari Digital Pay is set to launch its comprehensive mobile application Al Ansari Wallet in Q2 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 brings us closer to revolutionising digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem,' said Mohammad Bitar, Deputy Group CEO at Al Ansari Financial Services. '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.'
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. The Al Ansari Wallet service offerings will complement the product suite of Al Ansari Financial Services businesses.
The launch of Al Ansari Wallet underscores Al Ansari Financial Services' continued investment in fintech innovation, aligning with national efforts to drive financial accessibility and digital transformation across the UAE. By embracing advancements in technology, the company is integrating AI and data analytics to enhance fraud prevention, improve user experience, and provide personalised financial solutions. Secure payment gateways will be incorporated to ensure transparency and security, while a seamless omnichannel experience will allow customers to access digital financial services anytime, anywhere. Additionally, enhanced API connectivity and real-time payments will lay the foundation for next-generation financial services, enabling businesses and consumers to seamlessly transition into the future of finance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
13-08-2025
- Mid East Info
Emirates Islamic selected as the lead cash management service provider by Kimera Group to support financial operations
Dubai, UAE, August 2025: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced that it has been mandated as the lead cash management service provider for the entire UAE financial operations of the Kimera Group. As part of the collaboration, Emirates Islamic will provide Kimera Group with a comprehensive suite of innovative digital and operational solutions, including access to its digital banking platforms businessONLINE and smartTRADE, Smart Cash Deposit Machines (SCDM), Cheque Scanning ICCS and Remote Cheque Printing, thus delivering seamless and intelligent solutions tailored to Kimera Group's specific needs. In addition, the Bank will also facilitate Payroll (Non-WPS) services and Corporate Credit Cards for the Group. Mohammad Kamran Wajid, Deputy Chief Executive Officer, Emirates Islamic, said: 'We are pleased to partner with Kimera Group to deliver digital banking solutions to meet their advanced financial needs. With a focus on innovation, operational excellence, and client-centric solutions, we continue to strengthen our position as a trusted partner to corporate clients, further reinforcing our position as a key player in the UAE's banking sector.' He added: 'As a leading Islamic bank in the region, we are committed to providing our customers with digitally-first banking solutions, unlocking efficiency, convenience and empowerment. We look forward to collaborating with Kimera Group to facilitate greater business agility and improved performance, while guiding them through their digital transformation journey.' Tariq Al Ghussein, Chief Executive Officer, Kimera Group said: 'Partnering with Emirates Islamic is a strategic move in advancing Kimera Group's financial operations with state-of-the-art digital banking solutions. Their expertise and innovative platforms will enable us to enhance operational efficiency, optimise transaction management, and drive greater financial agility. This collaboration reflects our commitment to integrating best-in-class financial solutions that support our growth, strengthen our capabilities, and position us for long-term success.' About Emirates Islamic: Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Emirates Islamic offers a comprehensive range of Shari'ah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 229 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp. Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. Emirates Islamic was recognized as 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024. The Bank was also named the 'Most Innovative Islamic Bank' at the prestigious Euromoney Islamic Finance Awards 2024. As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.
Mid East Info
13-08-2025
- Mid East Info
Al Ansari Financial Services' H1 2025 operating income increases by 13% to a record AED 638 million - Middle East Business News and Information
H1'25 Financial and Operational Highlights 13% YoY increase in Operating Income to AED 638 million attributed to the consolidation of BFC Group results from Q2 2025 (post acquisition) and the robust performance across the majority of business lines. Operating Income 11% YoY increase in EBITDA to AED 287 million with an EBITDA Margin of 45% due to increase in operating income. EBITDA Net profit after tax increased by 3% YoY to AED 212 million due to the increase in operating income arising from the consolidation of BFC Group results, offset by the increase in finance cost as a result of the shareholder's loan availed for the BFC acquisition. Total Transactions increased by 10% YoY to 28 million transactions. Outward Remittances value of transactions saw a 12% increase YoY. Bank Notes value of transactions reported a 105% increase YoY. Wage Protection System (WPS) number of salary disbursals saw a growth of 25% YoY . . Digital channels reported an increase of 30% YoY in the number of transactions, accounting for 23% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. The Group's total number of physical branches reached 439 in H1'25, with Al Ansari Exchange reaching a total of 274 branches in UAE, as a result of 15 net new branches since H1'24 and 165 net branches acquired as part of BFC, across Bahrain, Kuwait and India. Al Ansari Exchange in Kuwait acquisition formalities is expected to be completed by the end Q3'25 (subject to regulatory approvals). Al Ansari Digital Wallet is set to be launched in Q3'25. Dubai, UAE – August 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial institution and services provider in the GCC, has delivered a resilient and record breaking performance in the first half of 2025 ('H1'25'), reporting a 13% year-on-year (YoY) increase in operating income to AED 638 million, attributable to the consolidation of BFC Group results from Q2 2025 and the strong performance across the majority of business lines. This growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) H1'25* H1'24 % change (YoY) Q2'25 Q2'24 % change (YoY) Operating Income 638,364 567,055 +13% 344,160 292,329 +18% EBITDA 287,051 257,917 +11% 149,386 135,502 +10% EBITDA Margin (%) 45.0% 45.5% 43.4% 46.4% Net Profit after Tax 212,244 205,476 +3% 103,390 106,732 (3%) Earnings per Share 0.0283 0.0274 +3% 0.0138 0.0142 (3%) Free Cash Flow (FCF) 269,790 242,019 +12% 137,213 127,181 +8% Operational Highlights H1'25* H1'24 Change (unit) (YoY) No. of physical branches 439 259 180 net branches since H1'24 Total No. of transactions 27.6 mn 25.0 mn +10% * H1'25 figures include BFC Group results H1'25 FINANCIAL PERFORMANCE COMMENTARY Operating Income demonstrated an increase of 13% YoY driven by the consolidation of BFC figures and robust performance across most of the business lines. EBITDA witnessed a sizeable 11% growth YoY, with EBITDA margin remaining consistent at 45%, despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. Net profit after tax increased by 3% YoY, as a result of the increased finance costs for the acquisition loan, despite the sizeable uptick in operating income arising from the consolidation of BFC results. H1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions grew by 10% compared to the same period last year, reaching 28 million transactions. The market continues to witness pressures from key remittance corridors as well as certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 2% YoY, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group demonstrated resilience in this segment, reporting a substantial 26% YoY increase in Banknotes Operating income. Strategic partnerships, strong overall performance and increased demand on our prepaid cards, the consolidation of BFC figures and the GCC's surge in tourism enabled us to navigate disruptions and to continue to meet and exceed customer expectations. The Group's WPS and Other Products & Services business delivered impressive growth, with operating income increasing by a robust 36% YoY. This growth was driven by the GCC's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. The Group's continued investment in digital innovation is yielding strong results, with a notable 30% YoY increase in the number of transactions conducted through its digital channels, constituting 23% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to deliver a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We continue our strong momentum in the first half of 2025, building upon our positive first-quarter results coupled with the consolidation of BFC results into the Group during the second quarter. Despite the ongoing geopolitical challenges and fierce competition, we achieved solid growth across our business segments through our focus and discipline on execution and customer experience. Our results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. We continue to successfully grow our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our increased efforts to drive innovation and expand access to essential financial services. Our performance across business units reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE, the GCC and beyond. Through the acquisition of BFC Group, we have delivered on our promise, of expanding our footprint beyond UAE, where we are already the undisputed market leader. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been promising and have exceeded initial expectations . As we look ahead, we remain deeply aligned with the UAE's and the GCC's overall vision for a digitally empowered and inclusive economy. We will continue investing in technology, focusing on customer experience, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'H1 2025 was defined by robust operational execution across the Group, as we focused on strengthening service delivery, driving efficiency and preparing for future growth initiatives. We achieved notable improvements in customer engagement as well as process optimisation across both our physical and digital avenues. A key milestone was the consolidation of the BFC acquisition into the results of the Group, which marks a crucial step forward in our growth strategy. This acquisition is crucial for the Group as it expands our geographic reach and enhances our ability to serve a wider and larger customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and value add opportunities that will reinforce our market leadership in the sector.
Mid East Info
08-08-2025
- Mid East Info
Emaar Development reported 37% growth in Property Sales reaching to AED 40.6 billion (US$ 11 billion); Backlog increases by 59% to AED 117.7 billion (US$ 32 billion) in the first half of 2025
Revenue increased by 35% to AED 10 billion (US$ 2.7 billion) EBITDA increased by 47% to AED 5 billion (US$ 1.4 billion), at a healthy 50% margin Net Profit before tax increased by 50% to AED 5.5 billion (US$ 1.5 billion); a net margin of 55%. Dubai, United Arab Emirates – August 2025: Emaar Development PJSC (DFM: EMAARDEV), the UAE's premier build-to-sell property development company and majority-owned subsidiary of Emaar Properties PJSC (DFM: EMAAR), delivered strong results in first half of 2025 (January to June), demonstrating sustained operational strength and market leadership. Key Highlights of the Results: Sales Growth: Emaar Development achieved property sales of AED 40.6 billion (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an increase of 37% . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. Backlog Growth: Enhanced by record sales during first half of 2025, revenue backlog has now increased to AED 117.7 billion (US$ 32 billion) as of 30 June 2025; an increase of 59% compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. (US$ 32 billion) as of 30 June 2025; an compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. Revenue Growth: Emaar Development recorded Revenue of AED 10 billion (US$ 2.7 billion) in first half of 2025, a 35% increase compared to first half of 2024. of AED 10 billion (US$ 2.7 billion) in first half of 2025, compared to first half of 2024. Profitability: The company recorded Net Profit (before tax) of AED 5.5 billion (US$ 1.5 billion); an increase of 50% as compared to first half of 2024, supported by operational efficiencies and robust project execution. (US$ 1.5 billion); an as compared to first half of 2024, supported by operational efficiencies and robust project execution. Customer Satisfaction: Emaar continues its commitment to delivering exceptional quality and enhancing customer satisfaction, reinforcing trust and long-term relationships. Sustainability: The company advances its sustainable development practices, focusing on energy efficiency, resource management, and environmental responsibility. Mohamed Alabbar, founder of Emaar, stated: 'Our results for first half of 2025 demonstrate the resilience and dynamism in a competitive market. Beyond financial metrics, we remain dedicated to elevating lifestyles and creating communities where people can truly grow. Our innovation-driven approach and customer-centric focus continue to be key pillars of our success.' He added: 'Rather than reacting to market shifts, Emaar is actively shaping what the future of urban living looks like. By blending visionary design with sustainability and cutting-edge technology, we are creating spaces that reflect the aspirations of today and the possibilities of tomorrow, and this is how we turn growth into legacy.' About Emaar Development PJSC: Emaar Development is a developer of prime residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley, The Oasis, Emaar Beachfront and Grand Polo Club and Resort. It has delivered over 77,500 residential units since 2002. The company has a sales backlog of AED 117.7 billion. It is a high cash flow generating business, highlighting the company's robust fundamentals with over 45,500 residential units under development to be delivered.
