KamelPay, a UAE-born fintech offering payroll and business payment solutions, has received Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses from the Central Bank of the UAE (CBUAE), marking a significant regulatory milestone in the company’s growth and strengthening its position within the country’s evolving digital payments landscape.
The approvals place KamelPay among a select group of fintech companies authorised to operate regulated payment services under the CBUAE framework, according to a press statement.
Since its founding in 2021, KamelPay has focused on payroll and business payment services for organisations across sectors including construction, retail, real estate, logistics, hospitality, and financial services.
Digitalisation agenda
“The recognition by the Central Bank of the UAE, strengthens our commitment to supporting the country’s digitalisation agenda while continuing to earn the trust of the businesses and people we serve,” commented Hussain AlQemzi, Chairman, KamelPay.
“This certification positions us to continue expanding our capabilities while maintaining the high standards of compliance, security, and reliability expected from a regulated financial ecosystem,” added Saadaat Yaqub, Co-Founder & Director, KamelPay.
“These licenses strengthen both solutions by giving our customers greater confidence, stronger compliance, and an opportunity for us to think of bigger and newer solutions,” concluded Ehsan Rahman, Chief Executive Officer, KamelPay.
