Kamel Pay, a UAE-based fintech company, has secured In-Principle approval from the Central Bank of the UAE (CBUAE) for the country’s highest-level licenses in Stored Value Facilities (SVF) and Retail Payment Services (RPS).
This milestone positions Kamel Pay to offer comprehensive payroll and business payment solutions across the UAE, marking a major step forward in its mission to streamline financial services for businesses and employees alike.
With this approval, the company strengthens its alignment with the UAE’s Vision 2030, advancing digital transformation, financial innovation, and financial inclusion.
Kamel Pay will offer a complete business payment solution, enabling employers to manage salaries, supplier payments, and other expenses with greater ease, efficiency, and compliance.
At the same time, employees will benefit from timely and reliable salary access, along with a suite of financial services that make everyday money management simpler, safer, and more convenient.
Insights from Kamel Pay Leaders
Hussain Al Qemzi, Chairman of Kamel Pay, said that, “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.”
“This approval validates our vision of creating a homegrown, trusted payments platform. It strengthens our resolve to simplify financial access for businesses and employees across the UAE, advancing the nation’s inclusive growth agenda,” noted Saadaat Yaqub, Co-Founder and Director at Kamel Pay.
This milestone reinforces the company’s commitment to powering businesses with efficiency and transparency, while empowering employees with inclusion and peace of mind, in line with the UAE’s vision of financial innovation and digital growth, as per the statement.
