Astra Tech’s subsidiary, Quantix Technology Projects LLC, has been awarded a full Finance Company Licence by the Central Bank of the UAE (CBUAE), marking it the first fintech platform to receive this distinction.
The Finance Company Licence enables Quantix to offer a broad range of lending, credit and micro-financing services, significantly enhancing its financial portfolio through digital platforms. Notably, this is the first Finance Company Licence issued by the CBUAE since 2016.
Under Central Bank Circular No. 3/2023, the licence allows Quantix to provide various retail financing options, including personal loans, short-term credit, vehicle loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later), and more.
“Today, with the support of CBUAE, we embrace a new challenge. One that is set on revolutionising a traditionally stagnant sector, where access to microloans and financing remained limited,” said Abdallah Abu Sheikh, Founder and CEO of Astra Tech. “Collaboratively, our goal is to create a financial framework that not only fosters economic growth but also embodies monetary stability, efficiency, and resilience.”
