Astra Tech, the leading consumer technology holding group in the Middle East and North Africa (MENA) region, is now at the forefront of the UAE’s remittance industry through its association with Botim.
Botim’s fintech arm, PayBy, has reported a 41-fold increase in remittance transactions since its launch in January 2023.
The growth in transactions is closely tied to the expanding user base of Botim, which now boasts over 150 million users, showing a surge in user adoption.
This transformation is further exemplified by the PayBy-powered Ultra app, which has witnessed a significant 75 percent increase in quarterly transactions across its fintech offerings since January.
The primary remittance corridors serviced by Botim extend from the UAE to India, followed by Pakistan and the Philippines.
Moreover, the platform has achieved an impressive 98 percent success rate in processing all transactions to date, a testament to its reliability and efficiency.
Botim’s journey is attributed to its strategic acquisitions and partnerships, including a recent collaboration with Fawry in Egypt and the acquisition of Y Finance in the Philippines.
“In just a few months, we have emerged as the UAE’s foremost player in remittances. Our Ultra app vision is rapidly coming to fruition, showcasing our strength and innovative fintech products. Botim has seamlessly evolved into an extensive platform, offering a wide range of financial services, including peer-to-peer transactions, international money transfers, and cards,” Abdallah Abu Sheikh, Co-founder of Astra Tech and CEO of Botim said.
Additionally, to facilitate cross-border financial transactions, Botim formed a new partnership with MoneyGram at the start of the year.
Astra Tech has further boosted its capabilities by partnering with Mastercard to introduce Botim-branded multi-currency prepaid cards as well.
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