June 26, 2024
Banking Business UAE

Comera Pay Obtains UAE Central Bank In-Principle Approval

In Boost To Regional Fintech Sector

Comera Financial Holding, headquartered in Abu Dhabi, United Arab Emirates (UAE), has achieved a significant milestone with its fintech subsidiary, Comera Pay.

The latter has secured an In-Principle Approval from the Central Bank of the UAE to operate under the Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) licences.

The approval positions Comera Pay to introduce unique payment solutions to streamline transactions for merchants and consumers in the UAE. The development also signals a stride forward in Comera’s mission to enhance digital payments throughout the Middle East.

Armed with cutting-edge technologies, including advanced data encryption, Comera Pay is poised to facilitate faster, more secure digital payments and contribute to advancing the UAE’s cashless economy.

Akhtar Saeed Hashmi, Managing Director of Comera Financial Holding, said: “We are thrilled to receive this approval, which enables us to actualise our vision for Comera Pay.

“By fostering healthy competition and expanding access to financial services, Comera Pay can enrich the payments landscape while bolstering broader financial inclusion objectives in the UAE and the wider region.”

Evolving Needs

Comera Financial Holding’s commitment to innovation extends beyond Comera Pay, encompassing a suite of offerings tailored to meet the evolving needs of consumers and businesses.

Among its flagship products is Comera, a leading VoIP communications app renowned for its high-quality voice, video, and messaging capabilities.

Comera ensures connectivity and robust security, leveraging state-of-the-art encryption standards and empowering users to stay connected easily, regardless of geographical boundaries.

In a strategic move to strengthen its presence in the North African region, Comera Financial Holding has partnered with Beltone Holding, a leading financial institution in Egypt. The partners aim to develop cutting-edge fintech products and accelerate digital transformation initiatives across the MENA region.

Leveraging synergies in expertise and networks, the collaboration is poised to deliver innovative solutions that cater to customers’ evolving demands in the digital age.

Comera Financial Holding specialises in innovative technology solutions across various sectors, including communication, supply chain finance, payments, e-commerce, and entertainment.

The company offers diverse digital platforms, messaging services, and technological solutions designed to redefine customer experiences through AI-driven solutions, advanced data encryption, and robust data protection measures.

Featured image: Comera Financial Holding aims to enhance digital payments throughout the Middle East. Credit: Towfiqu Barbhuiya

    Middle East News 247

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