Astra Tech announced on Thursday its wholly-owned subsidiary, Quantix Technology Projects, has been granted a full finance company license by UAE’s central bank.
The company said Quantix was the first fintech platform to receive this coveted license.
The license empowers Quantix, and by extension Astra Tech, to offer an expansive suite of lending, credit, and microfinancing services, vastly enhancing its financial portfolio through its digital platforms.
In line with Central Bank’s Circular No. 3/2023, the 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.
Abdallah Abu Sheikh, Founder and CEO of Astra Tech, said with the support of the UAE central bank, the company now embraces a new challenge – one that is set on revolutionising 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,” he said.
Astra Tech said it emerged as a leading player in the digital cross-border money transfer and prepaid card sector in 2023, 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, it said.
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