Quantix First Fintech to Get CBUAE’s Finance Company License
This license allows Quantix to offer a range of lending, credit, and microfinancing services.
Astra Tech’s subsidiary, Quantix Technology Projects LLC, has been granted a full finance company license by the Central Bank of UAE (CBUAE). This makes Quantix the first fintech platform to receive this license, becoming the UAE’s first officially licensed fintech operator with this distinction.[1]
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This license allows Quantix to offer a range of lending, credit, and microfinancing services, enhancing its financial portfolio through its digital platforms. This is the first Finance Company License granted by the CBUAE since 2016.
According to Central Bank’s Circular No. 3/2023, this license enables Quantix to provide retail financing options such as personal loans, short-term credit, vehicle loans, and various buy now, pay later (BNPL) services.
Astra Tech was among the winners of Inc. Arabia's Best in Business Awards last June.
Astra Tech was founded in March 2022 by Abdallah Abu Sheikh with $500 million in backing from strategic investors led by Abu Dhabi's G42. The company's Ultra Platform aims to simplify interactions and transactions for users and businesses and is the first of its kind in the MEA region.
In 2023, Astra Tech acquired the voice-calling app Botim to develop a super app integrating digital payments and instant messaging. This app now allows users to order groceries and food, pay bills, and access government services.
Astra Tech raised $490 million in July 2022, which enabled it to purchase Emirati fintech PayBy the following month.
Astra Tech also received approval from the UAE Central Bank to conduct Retail Payment Services (RPS) and Stored Value Facility (SVF) operations.