PayBy Awarded Gaming-Related Vendor License from the GCGRA

First Fintech Approved to Operate Under the UAE’s New Commercial Gaming Framework

ABU DHABI, UAE – 18 November, 2024 – PayBy Technology Projects LLC, an Astra Tech company and one of the UAE’s leading fintech platforms, announced today that it has been awarded a gaming-related license by the General Commercial Gaming Regulatory Authority (GCGRA), the federal entity overseeing commercial gaming activities in the United Arab Emirates (UAE). The award allows PayBy to provide financial services to GCGRA-licensed commercial gaming operators, marking a new milestone in the Authority’s endeavour to establish a well-regulated commercial gaming sector in the UAE.

As the first fintech to secure such a licence, PayBy will operate under the ‘Gaming-Related Vendor License’ category. The company is now authorised to provide a range of services, including digital wallets, secure payments, and advanced fraud detection systems, aligning with the GCGRA’s vision of creating a secure and innovative gaming environment that prioritises player safety.

Astra Tech’s Ultra app ecosystem integrates payments, remittances, lending, and now gaming-related services into a unified platform serving over 150 million users globally. Through strategic partnerships with global leaders like MoneyGram and Mastercard, Astra Tech continues to expand its reach and impact, delivering seamless financial solutions.

For more information on PayBy Technology Projects LLC, please visit: www.payby.com

For more information on the GCGRA and commercial gaming in the UAE, please visit www.gcgra.gov.ae.

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About PayBy Technology Projects LLC:

PayBy is a leading UAE-based fintech platform and an Astra Tech company. Licensed by the UAE Central Bank, PayBy offers a wide range of financial services, including digital wallets, international remittances, in-store and online payment solutions, and more. PayBy is committed to enhancing financial accessibility and security through innovative technologies.

About Astra Tech

Astra Tech is the leading consumer technology holding group in the MENA region, focused on transforming everyday services through its Ultra app. The group’s portfolio includes PayBy, Rizek, Botim, and Quantix. Quantix is the first fintech in the UAE to receive a Finance Company Licence from the Central Bank of the UAE (CBUAE) since 2008. PayBy holds Stored Value Facility (SVF) and Retail Payment Services (RPSCS) licences, further solidifying Astra Tech’s position in the financial technology sector.