du will be entering one of the hottest growth markets in UAE, which is financial services delivered over digital platforms. Image Credit: Supplied

Dubai: Get set to welcome the UAE's newest fintech - du. 

The Emirates Integrated Telecommunications Company - which operates the du telco - has received licenses from the UAE Central Bank to offer financial services via digital platforms.

This 'positions EITC at the forefront of the evolving fintech landscape in the region and supports the UAE's commitment to fostering innovation, competition, and financial inclusion by promoting a cashless society," said a statement.

With the licenses du can offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era'.

On DFM, the du stock price is trading at Dh5.94, on the cusp of its 52-week high of Dh5.95.

The digital fintech space is putting all sorts of growth signals, whether it's remittances, peer-to-peer or B2B transactions. The UAE itself has launched the 'Aani' platform offering multiple digital payment options, with more of UAE businesses and residents eschewing cash and cheque with online means.

What EITC and du plan to do with new licenses
EITC aims to 'empower individuals and businesses with convenient, secure, and efficient solutions that simplify their financial transactions and meet their diverse needs'.

More super-charged growth

e& already has an extensive digital presence for multiple financial services, including remittances. The other big names are Astra Tech, via its Botim app, and Careem, which has been adding to the services offered through the app. Some of the banks too have been working closely with digital payment platforms, most notably those in the Buy Now Pay Later space. According to market analysts, this category will see further activity, even mergers and acqusitions, given the recently passed UAE Central Bank rules. 

As for EITC and du, "The awarding of these licenses underscores the UAE's commitment to creating an environment that nurtures fintech innovation collaboration," said Fahad Al Hassawi, CEO of EITC.

"We believe that EITC's entry into digital financial services space will further enhance the financial landscape of the UAE through customer-centric solutions that will contribute to its growth and development”, says Fahad Al Hassawi of EITC. Image Credit: Supplied