Astra Tech's wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), has been granted a full Finance Company Licence by the Central Bank of the UAE (CBUAE). This historic milestone positions Quantix as the first fintech platform to receive this coveted licence, and highlights its rapid ascent to becoming the UAE’s first officially licenced fintech operator with this distinction.

This prestigious licence empowers Quantix, by extension Astra Tech, to offer an expansive suite of lending, credit, and micro-financing services, vastly enhancing its financial portfolio through its digital platforms. Remarkably, this is the first Finance Company Licence granted by the CBUAE since 2016, a testament to Astra Tech’s commitment to and investment in regulatory compliance.

In line with Central Bank’s Circular No. 3/2023, this Finance Company Licence would enable Quantix to provide retail financing such as personal loans, short-term credit, vehicle loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later) and more. This expansion is a crucial step toward advancing financial inclusivity and addressing the increasing demand for micro-financing in the region.

Abdallah Abu Sheikh, Founder and CEO of Astra Tech, commented, “Two years ago, we committed to creating the region’s first Ultra platform that provides previously unavailable services to users in this part of the world. We've since enhanced millions of lives with our communication, digital wallet, and cross-border money transactions. Today, with the support of CBUAE, we embrace a new challenge. One that is set on revolutionising a traditionally stagnant sector, where access to microloans and financing remained limited. Collaboratively, our goal is to create a financial framework that not only fosters economic growth but also embodies monetary stability, efficiency, and resilience.”