KamelPay, a UAE-born fintech offering payroll and business payment solutions, has received Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses from the Central Bank of the UAE (CBUAE), marking a significant regulatory milestone in the company’s growth and strengthening its position within the country’s evolving digital payments landscape.
The approvals place KamelPay among a select group of fintech companies authorised to operate regulated payment services under the CBUAE framework. Since its founding in 2021, KamelPay has focused on payroll and business payment services for organisations across sectors including construction, retail, real estate, logistics, hospitality, and financial services. The company currently serves more than 2,000 corporates, including some of the UAE’s largest private-sector and government organisations, and supports payments for over 400,000 employees across the country.
The SVF and RPS licenses establish the regulatory framework under which KamelPay can expand its payment services, marking an important step in the company’s evolution as a regulated fintech operating within the UAE’s payments ecosystem.
Commenting on the announcement, Hussain AlQemzi, Chairman of KamelPay, said:”The strength of every economy depends on the strength of its financial ecosystem. As the UAE continues to advance its digital economy, ensuring that businesses of every size and every member of the workforce have access to secure, regulated, and inclusive financial services becomes increasingly important. KamelPay is founded to help bridge this gap. We are deeply grateful to the Central Bank of the UAE for entrusting KamelPay with the SVF and RPS licences. This defining milestone strengthens our commitment to supporting the country’s digitisation agenda while continuing to earn the trust of the businesses and people we serve.”
(Image Courtesy: Central Bank of UAE and KamelPay official website)
“These licences represent far more than regulatory approval; they fundamentally strengthen KamelPay’s operating model. By running our services on our own regulated payment infrastructure, we gain greater flexibility to innovate, bring new capabilities to market faster, and create even more value for our customers. It positions us to continue expanding our capabilities while maintaining the high standards of compliance, security, and reliability expected from a regulated financial ecosystem.” added Saadaat Yaqub, Co-Founder & Director of KamelPay.
“KamelPay iss built on a simple belief that businesses and their workforce deserve a payments ecosystem they can both rely on. With our first solution, we strived to create a positive experience around payroll. Next, with AbsoluteCard, we offered unmatched control and transparency to finance teams over day-to-day corporate payments. These licenses strengthen both solutions by giving our customers greater confidence, stronger compliance, and an opportunity for us to think of bigger and newer solutions.” says Ehsan Rahman, Chief Executive Officer of KamelPay.
The announcement reflects the increasing role of regulated fintech providers in supporting the UAE’s transition toward a more digital and connected financial system.
Source
