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Jul 24, 2024

Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License

Dubai – Sharikat Mubasher:  Astra Tech's wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), announced being granted a full Finance Company License by the Central Bank of UAE (CBUAE).This historic milestone positions Quantix as the first fintech platform to receive this coveted license, and highlights its rapid ascent to becoming the UAE’s first officially licensed fintech operator with this distinction, according to the company’s press release.This prestigious license empowers Quantix, by extension Astra Tech, to offer an expansive suite of lending, credit, and microfinancing services, vastly enhancing its financial portfolio through its digital platforms. Remarkably, this is the first Finance Company License granted by the CBUAE since 2016, a testament to Astra Tech’s commitment to and investment in regulatory compliance.In line with Central Bank’s Circular No. 3/2023, this Finance Company License would enable Quantix to provide retail financing 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 increasing demand for microfinancing in the region.Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented:  “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 revolutionizing 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.”In 2023, Astra Tech emerged as a leading player in the digital cross-border money transfer and prepaid card sector, establishing itself as the largest fintech card issuer in the UAE within just a year. This unprecedented growth is further substantiated by Astra Tech's strategic acquisitions and innovative approach, including PayBy's acquisition of SVF and RPSCS licenses from the Central Bank of the UAE. 

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Jul 21, 2024

Tech Mal raises $1mn in pre seed led by Almajdiah Investment

Riyadh - Sharikat Mubasher: Saudi TechMal, the company that specializes in offering real estate rental financing solutions, announced that it secured SAR 3.75 million ($1 million) in a pre-seed funding round led by Al Majdiah Investment and

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Jul 21, 2024

MNT-Halan raises $157.5mn for expansion plans beyond Egypt

Cairo – Sharikat Mubasher: Egypt-based MNT-Halan for financial solutions managed to secure $157.5 million in a new funding round to fuel its regional expansion.The International Finance Corporation (IFC) contributed $40m to the round, with the

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Jul 16, 2024

Wadaie partners with anb to develop sharia-compliant time deposits solutions

Riyadh - Sharikat Mubasher: Wadaie, the leading company in the field of financial technology, announced signing an agreement with the Arab National Bank (anb) aiming at developing new financial services for savings and time deposits.Abdullah Alandas,

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Jul 24, 2024

Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License

Jul 21, 2024

Tech Mal raises $1mn in pre seed led by Almajdiah Investment

Jul 21, 2024

MNT-Halan raises $157.5mn for expansion plans beyond Egypt

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Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License
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Jul 24, 2024
Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License

Dubai – Sharikat Mubasher:  Astra Tech's wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), announced being granted a full Finance Company License by the Central Bank of UAE (CBUAE).This historic milestone positions Quantix as the first fintech platform to receive this coveted license, and highlights its rapid ascent to becoming the UAE’s first officially licensed fintech operator with this distinction, according to the company’s press release.This prestigious license empowers Quantix, by extension Astra Tech, to offer an expansive suite of lending, credit, and microfinancing services, vastly enhancing its financial portfolio through its digital platforms. Remarkably, this is the first Finance Company License granted by the CBUAE since 2016, a testament to Astra Tech’s commitment to and investment in regulatory compliance.In line with Central Bank’s Circular No. 3/2023, this Finance Company License would enable Quantix to provide retail financing 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 increasing demand for microfinancing in the region.Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented:  “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 revolutionizing 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.”In 2023, Astra Tech emerged as a leading player in the digital cross-border money transfer and prepaid card sector, establishing itself as the largest fintech card issuer in the UAE within just a year. This unprecedented growth is further substantiated by Astra Tech's strategic acquisitions and innovative approach, including PayBy's acquisition of SVF and RPSCS licenses from the Central Bank of the UAE. 

Tech Mal raises $1mn in pre seed led by Almajdiah Investment
Calendar Icon
Jul 21, 2024
Tech Mal raises $1mn in pre seed led by Almajdiah Investment

Riyadh - Sharikat Mubasher: Saudi TechMal, the company that specializes in offering real estate rental financing solutions, announced that it secured SAR 3.75 million ($1 million) in a pre-seed funding round led by Al Majdiah Investment and

MNT-Halan raises $157.5mn for expansion plans beyond Egypt
Calendar Icon
Jul 21, 2024
MNT-Halan raises $157.5mn for expansion plans beyond Egypt

Cairo – Sharikat Mubasher: Egypt-based MNT-Halan for financial solutions managed to secure $157.5 million in a new funding round to fuel its regional expansion.The International Finance Corporation (IFC) contributed $40m to the round, with the

Wadaie partners with anb to develop sharia-compliant time deposits solutions
Calendar Icon
Jul 16, 2024
Wadaie partners with anb to develop sharia-compliant time deposits solutions

Riyadh - Sharikat Mubasher: Wadaie, the leading company in the field of financial technology, announced signing an agreement with the Arab National Bank (anb) aiming at developing new financial services for savings and time deposits.Abdullah Alandas,

Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License
Jul 24, 2024
Astra Tech’s Quantix becomes 1st fintech to receive CBUAE’s License

Dubai – Sharikat Mubasher:  Astra Tech's wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), announced being granted a full Finance Company License by the Central Bank of UAE (CBUAE).This historic milestone positions Quantix as the first fintech platform to receive this coveted license, and highlights its rapid ascent to becoming the UAE’s first officially licensed fintech operator with this distinction, according to the company’s press release.This prestigious license empowers Quantix, by extension Astra Tech, to offer an expansive suite of lending, credit, and microfinancing services, vastly enhancing its financial portfolio through its digital platforms. Remarkably, this is the first Finance Company License granted by the CBUAE since 2016, a testament to Astra Tech’s commitment to and investment in regulatory compliance.In line with Central Bank’s Circular No. 3/2023, this Finance Company License would enable Quantix to provide retail financing 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 increasing demand for microfinancing in the region.Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented:  “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 revolutionizing 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.”In 2023, Astra Tech emerged as a leading player in the digital cross-border money transfer and prepaid card sector, establishing itself as the largest fintech card issuer in the UAE within just a year. This unprecedented growth is further substantiated by Astra Tech's strategic acquisitions and innovative approach, including PayBy's acquisition of SVF and RPSCS licenses from the Central Bank of the UAE. 

Tech Mal raises $1mn in pre seed led by Almajdiah Investment
Jul 21, 2024
Tech Mal raises $1mn in pre seed led by Almajdiah Investment

Riyadh - Sharikat Mubasher: Saudi TechMal, the company that specializes in offering real estate rental financing solutions, announced that it secured SAR 3.75 million ($1 million) in a pre-seed funding round led by Al Majdiah Investment and

MNT-Halan raises $157.5mn for expansion plans beyond Egypt
Jul 21, 2024
MNT-Halan raises $157.5mn for expansion plans beyond Egypt

Cairo – Sharikat Mubasher: Egypt-based MNT-Halan for financial solutions managed to secure $157.5 million in a new funding round to fuel its regional expansion.The International Finance Corporation (IFC) contributed $40m to the round, with the