Central Bank of UAE grants preliminary approval to Kamel Pay
In a significant development for the UAE's fintech sector, homegrown fintech company Kamel Pay has received in-principle approval for the highest Stored Value Facilities (SVF) and Retail Payment Services (RPS) licences.
The approval, announced by Hussain Al Qemzi, chairman of Kamel Pay, reaffirms their commitment to a financial ecosystem rooted in trust, innovation, and inclusion. This commitment aligns with the UAE's vision of financial innovation and digital growth.
Saadaat Yaqub, co-founder and director of Kamel Pay, expressed that the approval validates their vision of creating a homegrown, trusted payments platform. Ehsan Rahman, co-founder and CEO of Kamel Pay, stated that with this approval, they aim to simplify how businesses manage payments and empower employees with reliable and affordable financial services.
Kamel Pay's solution aims to power businesses with transparent, efficient payments and empower employees with access to financial services. Employees will benefit from timely and reliable salary access, along with a suite of financial services for simpler, safer, and more convenient everyday money management.
As a homegrown UAE fintech, Kamel Pay understands the needs of local businesses and the diverse workforce they serve. With the approval, Kamel Pay will offer a complete business payment solution, enabling employers to manage salaries, supplier payments, and other expenses with greater ease, efficiency, and compliance.
The approved ecosystem aims to empower underserved communities and support the UAE's digital transformation. Zishan Rahman, co-founder and CTO of Kamel Pay, added that this milestone reflects their disciplined execution, secure infrastructure, strong governance, and customer-first safeguards. The focus of Kamel Pay, as stated by Zishan Rahman, is now on scaling these standards to better serve businesses and communities across the UAE.
The approval strengthens Kamel Pay's alignment with the UAE's Vision 2030, advancing digital transformation, financial innovation, and financial inclusion. With this significant step forward, Kamel Pay is poised to make a significant impact in the UAE's fintech landscape and beyond.
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