Abu Dhabi, UAE – In a landmark development for the fintech industry, Astra Tech’s wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), has been granted a full Finance Company Licence by the Central Bank of the UAE (CBUAE). This historic milestone establishes Quantix as the first fintech platform to receive this prestigious licence, underscoring its rapid rise as the UAE’s first officially licensed fintech operator with this distinction.
This significant achievement allows Quantix, and by extension Astra Tech, to offer a comprehensive range of lending, credit, and micro-financing services, significantly expanding its financial portfolio through its innovative digital platforms. Notably, this is the first Finance Company Licence issued by the CBUAE since 2016, highlighting Astra Tech’s dedication to regulatory compliance and excellence.
Under the guidelines of the Central Bank’s Circular No. 3/2023, the Finance Company Licence enables Quantix to provide various retail financing options. These include personal loans, short-term credit, vehicle loans, Buy Now, Pay Later (BNPL), Rent Now, Pay Later (RNPL), and Send Now, Pay Later (SNPL) services. This expansion is a crucial step towards advancing financial inclusivity and meeting the growing demand for micro-financing in the region.
Abdallah Abu Sheikh, Founder and CEO of Astra Tech, expressed his excitement about this new chapter for the company. “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,” Abu Sheikh stated.
Quantix’s new licence represents a significant advancement in the UAE’s financial technology landscape, setting a precedent for other fintech companies aspiring to offer regulated financial services. By leveraging its new capabilities, Quantix aims to drive financial innovation and inclusivity, providing essential financial services to a broader segment of the population.
