Fintech
Comera Pay gets approval to boost UAE’s cashless economy
Based in the United Arab Emirates Comera Paga, the fintech arm of Comera Financial Holding, has received preliminary approval from the Central Bank of the United Arab Emirates operate under two key financial licenses.
The Stored Value Facilitator (SVF) and Retail Payment System Clearing Service (RPSCS) licenses allow the company to facilitate stored value transactions and provide retail payment system clearing services.
This means Comera Pay can now launch payment solutions that provide simpler and more secure transactions for merchants and consumers. By leveraging technologies such as advanced data encryption, the company aims to power faster digital payments and help advance the UAE’s cashless economy.
“We are thrilled to receive this approval to bring our vision for Comera Pay to life,” he said Akhtar Saeed Hashmi, CEO of Comera Financial Holding. “By promoting 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 the region.”
In addition to Comera Pay, the company offers Comera, an aVoIP communications app that offers voice, video and messaging capabilities. Leveraging the latest encryption standards, Comera ensures seamless connectivity and security so users can stay connected with family, friends and colleagues anywhere in the world.
The group also recently announced a strategic collaboration with Beltone Holdingan Egyptian financial institution, to jointly develop new fintech products and accelerate digital transformation across the region.
Through complementary expertise and networks, the partners aim to provide solutions that meet customers’ evolving demands.