Move to advance financial inclusion and the UAE’s cashless society
With the SVF license, Al Ansari Digital Pay can allow users to open digital accounts.
Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services, has secured final approvals from the Central Bank of the UAE (CBUAE) for both the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses.
This marks a pivotal step toward the official launch of its state-of-the-art digital wallet, reinforcing the company’s commitment to financial inclusion and driving the UAE’s vision of a cashless economy. This milestone follows the In Principle approval granted by the CBUAE, marking the final step before the official launch of operations.
With the SVF license, Al Ansari Digital Pay can allow users to open digital accounts, offering customers a seamless, secure and efficient way to manage their funds digitally.
Mobile app
Al Ansari Digital Pay is set to launch its comprehensive mobile application Al Ansari Wallet in Q2-2025, delivering an all-in-one fintech solution that will cater to both individual consumers and businesses.
The platform will empower unbanked and underbanked communities with accessible and affordable financial services including micro-financing solutions, bridging the gap in digital payments for those who may not have access to traditional banking.
“This milestone brings us closer to revolutionising digital payments in the UAE by offering a secure, convenient, and inclusive ecosystem,” said Mohammad Bitar, Deputy Group CEO, Al Ansari Financial Services.
