Fintech startup secures key licenses to drive digital transformation, innovation, and financial inclusion across the UAE
Dubai-based fintech Kamel Pay has received In-Principle Approval from the Central Bank of the UAE (CBUAE) for the nation’s highest-level Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses, paving the way for its expansion into payroll and business payment solutions.
The approval allows Kamel Pay to offer companies a fully integrated business payment platform that simplifies salary disbursements, supplier transactions, and expense management with greater compliance and efficiency. For employees, the move ensures timely wage payments and access to a wide range of financial services that support smarter money management.
By achieving this milestone, Kamel Pay strengthens its position as a trusted fintech player in the UAE’s rapidly evolving digital economy. The company highlighted that this development also aligns with the UAE’s Vision 2030 goals, which emphasize digital transformation, innovation, and financial inclusion.
“This initial approval reaffirms our commitment to a financial ecosystem rooted in trust, innovation, and inclusion, empowering underserved communities and supporting the UAE’s digital transformation,” said Hussain Al Qemzi, Chairman of Kamel Pay.
With the regulatory green light, Kamel Pay is now poised to play a bigger role in supporting businesses and employees across the UAE, enhancing the country’s reputation as a leading fintech hub in the Middle East.
