Al Ansari Exchange to Launch Digital Wallet, Expanding UAE Fintech Services
Dubai-based Al Ansari Financial Services is set to introduce a digital wallet, broadening its fintech offerings beyond remittance and Wages Protection System (WPS) services. This initiative aligns with the UAE’s vision of a cashless economy while enhancing financial inclusion.
Al Ansari: Regulatory Approval and Key Features
The UAE Central Bank has granted final approval for the digital wallet, issued under Al Ansari Digital Pay, the company’s fintech division. The approval includes two key licenses:
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Stored Value Facility (SVF) – Enables users to open digital accounts and manage funds electronically.
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Retail Payment Services and Card Schemes (RPSCS) – Allows the issuance of prepaid cards, merchant payments, and acquiring services for online and retail businesses.
Launch Timeline and Impact
Set for launch in Q2 2025, the Wallet will provide financial services tailored to both individuals and businesses. The platform will particularly support unbanked and underbanked communities by offering accessible digital payment solutions, including micro-financing options.
As digital payments continue to dominate consumer transactions in the UAE, this move positions Al Ansari as a key player in the region’s evolving fintech landscape.
