UAE’s Cashless Economy Boosted with Comera Pay’s Regulatory Approval

Dubai, United Arab Emirates May 24, 2024 ¬†–¬†Comera Pay, the fintech subsidiary of , headquartered in Abu Dhabi, UAE, today announced that it received an In-Principle Approval from the Central Bank of the UAE to operate under the Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses. This marks an important step forward in Comera’s vision to transform digital payments across the Middle East.

With this approval, Comera Pay is now equipped to launch innovative payment solutions that will provide simpler, more secure transactions for merchants and consumers. Leveraging cutting-edge technologies like advanced data encryption, Comera Pay aims to power faster digital payments and help advance the UAE’s cashless economy.

“We are thrilled to receive this approval which allows us to bring our vision for Comera Pay to life,” said Akhtar Saeed Hashmi, Managing Director of Comera Financial Holding. “By fostering healthy competition and expanding access to financial services, we believe Comera Pay can help enrich the payments landscape while supporting broader financial inclusion goals in the UAE and region.”

In addition to Comera Pay, the company offers , a leading VoIP communications app delivering high-quality voice, video and messaging capabilities. Leveraging the latest encryption standards, Comera ensures seamless connectivity and security for users to stay in touch with family, friends and colleagues anywhere worldwide.

The group also recently announced a strategic collaboration with , a premier financial institution in Egypt, to jointly develop new fintech products and accelerate digital transformation across the region. Through complementary expertise and networks, the partners are well-positioned to deliver cutting-edge solutions that meet evolving customer demands.

About Comera Financial Holding

Comera Financial Holding is a group of companies that provide innovative technology solutions in the areas of communication, supply chain finance, payments, e-commerce and entertainment. Headquartered in Abu Dhabi, UAE, Comera Financial Holding offers digital platforms, messaging services, and other technological solutions to enable unconventional customer experience through AI solutions, high-end data encryption and extensive data protection.

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Source :Comera Pay