Botim Money, the financial arm of the messaging platform Botim, entered into a partnership with Mastercard last week. This collaboration aims to enhance global remittance services, enabling users in the United Arab Emirates to send funds to over 150 countries.
Mastercard Partnership
The partnership will integrate Mastercard Move into the app, facilitating money transfers to bank accounts, mobile wallets, or enabling cash pickup depending on the recipient’s location. This development is expected to ensure faster and secure cross-border payments, a significant step for the platform positioning itself as a fintech-focused and AI-driven service provider.
Dr Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim, emphasised that the partnership aligns with their objective to merge communication and financial functionalities in a unified platform. Hendi underscored the move’s importance in improving access and inclusivity for users with limited financial services.
Gina Petersen-Skyrme, Country Manager for the UAE and Oman at Mastercard, highlighted the relevance of cross-border payments for expatriate populations, crucial in a market such as the UAE.
Petersen-Skyrme stated that Mastercard aims to provide quick, convenient, and secure international transaction solutions, facilitated by partnerships like the one with Botim, promoting broader financial inclusion.
Mastercard and Botim Alignment
The collaboration merges Mastercard’s global payment network with Botim’s financial ecosystem, simplifying international money transfers through the Botim app without needing to switch service providers.
This comes amid the UAE fintech sector’s growth trajectory, with an expected market size of $6.43B by 2030, in line with governmental initiatives toward a cashless and inclusive economy.
Mastercard Move is part of Mastercard’s suite of money movement solutions, covering over 200 countries and territories, and dealing in over 150 currencies. It offers diverse payout options, addressing the demand for swift and flexible payment methods across various markets.
Botim’s Expansion
Botim Money, regulated by the UAE Central Bank, continues expanding its services, including international and domestic remittances, prepaid cards, bill payments, credit services, and salary disbursements.
This expansion supports its commitment to offering a comprehensive financial service platform for its users within and beyond the UAE.
Stay Up to Date with the Latest Updates at Finance ME!
Analysis: IFC Oman is Carving a Niche in High-Growth Financial SectorsÂ
Bank Muscat Reports 13% YoY Gain in Net Profits
Qatar Financial Centre: H.E. Mansoor Rashid Al-Khater Appointed as New CEO
