du Secures UAE Central Bank License to Launch Digital Fintech Services
The Emirates Integrated Telecommunications Company (EITC), operating under the brand name du, has obtained licenses from the UAE Central Bank, allowing it to provide a variety of digital financial services.
This strategic development positions EITC as a leader in the region’s growing fintech landscape, aligning with the UAE’s vision to foster innovation, financial inclusion, and a cashless society.
With these licenses, du is set to offer cutting-edge digital financial solutions tailored to the dynamic needs of individuals and businesses in the digital era. “This marks a significant milestone in empowering customers with secure, efficient financial tools that simplify transactions and enhance convenience,” said Fahad Al Hassawi, CEO of EITC.
The UAE’s fintech sector is thriving, driven by the increasing adoption of digital payment methods and platforms like ‘Aani.’ Companies like e& and Astra Tech’s Botim app have set a strong precedent, with digital payment platforms gaining prominence in remittances, peer-to-peer, and B2B transactions.
The UAE Central Bank’s recently introduced regulations further boost this ecosystem, paving the way for innovation and potential mergers and acquisitions within the sector.
On the Dubai Financial Market, du’s stock is trading at AED 5.94, close to its 52-week high of AED 5.95, signaling robust investor confidence.
