Al Ansari Digital Pay Secures Final Approvals for Digital Wallet
Technology

Al Ansari Digital Pay Secures Final Approvals for Digital Wallet

Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has received final approvals from the Central Bank of the UAE (CBUAE) for its Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses. This paves the way for the official launch of its Al Ansari Wallet in Q2 2025.

The SVF license enables digital account creation, while the RPSCS license allows prepaid card issuance, merchant payments, and online acquiring services. The wallet aims to enhance financial inclusion, providing digital payment solutions for unbanked and underbanked communities.

“This milestone brings us closer to revolutionising digital payments in the UAE,” said Mohammad Bitar, Deputy Group CEO, Al Ansari Financial Services.

Al Ansari Digital Pay projects AED 12 million in first-year revenue, targeting a 67 per cent CAGR by year three. The company is integrating AI, data analytics, and secure payment gateways to enhance fraud prevention, user experience, and financial accessibility.

Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services PJSC (DFM: ALANSARI), has received final approvals from the Central Bank of the UAE (CBUAE) for its Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses. This paves the way for the official launch of its Al Ansari Wallet in Q2 2025.The SVF license enables digital account creation, while the RPSCS license allows prepaid card issuance, merchant payments, and online acquiring services. The wallet aims to enhance financial inclusion, providing digital payment solutions for unbanked and underbanked communities.“This milestone brings us closer to revolutionising digital payments in the UAE,” said Mohammad Bitar, Deputy Group CEO, Al Ansari Financial Services.Al Ansari Digital Pay projects AED 12 million in first-year revenue, targeting a 67 per cent CAGR by year three. The company is integrating AI, data analytics, and secure payment gateways to enhance fraud prevention, user experience, and financial accessibility.

Next Story
Infrastructure Urban

Western Railway Seeks Rs 3.95 Billion Fee for BMC Water Pipelines

Western Railway has invoiced the Brihanmumbai Municipal Corporation for Rs 3.95 billion in Right of Way (RoW) licence fees covering a ten year period for underground water pipelines laid beneath railway land across Mumbai. The demand, disclosed through an RTI query by railway activist Samir Zaveri, requires payment in advance.These pipelines deliver filtered drinking water to millions of residents. Railway officials have based the charge on current market values of the land above the pipes, a valuation that has astonished civic authorities and policy experts.Zaveri points out that BMC su..

Next Story
Infrastructure Transport

Third Rail Tests Begin on Bengaluru Metro’s Pink Line

The long awaited Pink Line of Namma Metro has reached a key milestone as Bangalore Metro Rail Corporation Ltd (BMRCL) starts third rail electrification tests on the elevated section between Jayadeva and Tavarekere stations. This power supply check is the first in a series of technical validations required before the 21.3 km corridor can open.According to officials, the current trials cover the elevated stretch of the Kalena Agrahara–Nagawara route. Once the third rail passes safety checks, teams will move on to signal validation, telecommunications testing and loading trials to ver..

Next Story
Infrastructure Energy

MCL Plots Rs 400 Billion Thermal Plant, Green Projects

Mahanadi Coalfields Ltd (MCL) will invest about Rs 400 billion to build a 4,000 MW coal fired power station in partnership with Coal India and Odisha’s Energy Department.The miner also plans a high ash coal to ammonium nitrate plant (600,000 tpa) costing roughly Rs 117.82 billion with BCGCL and the state Industries Department.In renewables, MCL expects to spend Rs 120 billion on a 2,000 MW solar complex (ground mounted and floating), Rs 50 billion on a 500 MW pumped storage project, and Rs 9 billion on a 100 MW wind farm.These schemes align with MCL’s Vi..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?