Latest news with #StoredValueFacility
Zawya
02-04-2025
- Business
- Zawya
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
Mid East Info
25-03-2025
- Business
- Mid East Info
Al Ansari Digital Pay Secures Final Approvals to Launch Digital Wallet, Advancing Financial Inclusion and the UAE's Cashless Society
Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has 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) licenses. This marks a pivotal step toward the official launch of its state-of-the-art digital wallet, reinforcing the company's commitment to financial inclusion and driving the UAE's vision of a cashless economy. 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. 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.
Web Release
25-03-2025
- Business
- Web Release
Al Ansari Digital Pay Secures Final Approvals to Launch Digital Wallet, Advancing Financial Inclusion and the UAE's Cashless Society
By Editor_wr Last updated Mar 25, 2025 Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has 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) licenses. This marks a pivotal step toward the official launch of its state-of-the-art digital wallet, reinforcing the company's commitment to financial inclusion and driving the UAE's vision of a cashless economy. 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. 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. Comments are closed.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Al Ansari Digital Pay secures final approvals to launch digital wallet
Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has 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) licenses. This marks a pivotal step toward the official launch of its state-of-the-art digital wallet, reinforcing the company's commitment to financial inclusion and driving the UAE's vision of a cashless economy. 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. 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 Dh12 million in total revenue for its first full year, with a substantial growth trajectory targeting a 67 per cent 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 payment gateways will be incorporated to ensure transparency and security, while a seamless omni-channel 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.
Zawya
25-03-2025
- Business
- Zawya
Al Ansari Digital Pay secures final approvals to launch digital wallet
Dubai, UAE –– Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has 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) licenses. This marks a pivotal step toward the official launch of its state-of-the-art digital wallet, reinforcing the company's commitment to financial inclusion and driving the UAE's vision of a cashless economy. 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. 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. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
