Page 60 - AAE PR REPORT - MARCH 2025

4/2/25, 9:06 AM Al Ansari Digital Pay Secures Final Approvals to Launch Digital Wallet, Advancing Financial Inclusion and the UAE"s Cashless Societ…

Al Ansari Digital Pay Secures Final Approvals to Launch Digital Wallet, Advancing
Financial Inclusion and the UAE"s Cashless Society.

Link/Page Citation
Dubai -- 25 March 2025 (Dubai Financial Market) Al Ansari Digital Pay, the fintech division of Al Ansari Financial Services PJSC (DFM: ALANSARI), has received final approvals from the Central
Bank of the UAE for the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses. This development is a critical step toward the launch of its digital wallet,
reinforcing its efforts towards financial inclusion and advancing the UAE"s cashless economy. The announcement was made on March 25, 2025, marking a significant milestone following the
initial In Principle approval by the CBUAE.
The SVF license permits Al Ansari Digital Pay to facilitate digital accounts for users, providing a secure and efficient platform for managing funds. Concurrently, the RPSCS license authorizes the
issuance of prepaid cards, merchant payments, and acquiring services for both online and retail businesses, enhancing the company"s fintech offerings.
Scheduled for launch in the second quarter of 2025, the Al Ansari Wallet will offer comprehensive fintech solutions for individual consumers and businesses. The platform is designed to empower
unbanked and underbanked communities by providing accessible financial services, including micro-financing, thereby bridging the gap in digital payments for those without access to traditional
banking.
"According to information available from the Dubai Financial Market (DFM)," Al Ansari Digital Pay projects AED 12 million in total revenue for its first full year, with an ambitious growth target of
67% compound annual growth rate (CAGR) by its third year. This service will enhance the product suite of Al Ansari Financial Services.
The launch of the Al Ansari Wallet emphasizes the company"s ongoing investment in fintech, aligning with national initiatives to promote financial accessibility and digital transformation in the
UAE. The company aims to integrate artificial intelligence and data analytics for improved fraud prevention, user experience, and personalized financial solutions. Secure payment gateways will
ensure safety and transparency, while an omnichannel experience will allow 24/7 access to digital financial services. Enhanced API connectivity and real-time payments will support the evolution
of next-generation financial services, facilitating a seamless transition for businesses and consumers into the future of finance.
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