UAE fintech KamelPay wins Central Bank licences to expand digital payment services

Dubai: UAE-born fintech KamelPay has secured two key licences from the Central Bank of the UAE (CBUAE), allowing the company to expand its regulated digital payment services as it grows its presence in the country's fast-evolving fintech sector.

The company announced on Friday that it has received Stored Value Facilities (SVF) and Retail Payment Services (RPS) licences from the Central Bank. Founded in 2021, KamelPay provides payroll and business payment solutions for companies across sectors including construction, retail, real estate, logistics, hospitality and financial services.

The company said it now serves more than 2,000 corporate customers, including some of the UAE's largest private-sector and government organisations, and supports payments for more than 400,000 employees across the country.

The new licences provide the regulatory framework for KamelPay to expand its payment services and strengthen its position within the UAE's digital payments ecosystem.

"The strength of every economy depends on the strength of its financial ecosystem," said Hussain AlQemzi, Chairman of KamelPay.

"As the UAE continues to advance its digital economy, ensuring that businesses of every size and every member of the workforce have access to secure, regulated, and inclusive financial services becomes increasingly important."

He added: "We are deeply grateful to the Central Bank of the UAE for entrusting KamelPay with the SVF and RPS licences. This defining milestone strengthens our commitment to supporting the country's digitisation agenda."

More flexibility to innovate

Saadaat Yaqub, Co-Founder and Director of KamelPay, said the approvals go beyond regulatory compliance and will help the company develop new products more quickly.

"These licences represent far more than regulatory approval; they fundamentally strengthen KamelPay's operating model," she said.

"By running our services on our own regulated payment infrastructure, we gain greater flexibility to innovate, bring new capabilities to market faster, and create even more value for our customers."

KamelPay CEO Ehsan Rahman said the company was founded to provide businesses and employees with a more reliable payments ecosystem.

"KamelPay is built on a simple belief that businesses and their workforce deserve a payments ecosystem they can both rely on," he said.

He added that the licences strengthen the company's existing payroll and corporate payment solutions by giving customers "greater confidence, stronger compliance", while enabling KamelPay to develop new financial services.

KamelPay's flagship products include PayD, which focuses on payroll and workforce financial services, and AbsoluteCard, a corporate payments and expense management platform.

The company also said it has partnerships with more than 10 banks and exchange houses across the UAE.