Kamel Pay, a fintech company based in Dubai, has received In-Principle Approval from the Central Bank of the UAE (CBUAE) for the country’s highest-level Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses.

The approval will enable the company to provide payroll and business payment services across the UAE.

The licenses will allow Kamel Pay to deliver a full business payment solution, giving employers the ability to manage salaries, supplier payments, and other expenses with greater compliance and efficiency.

Employees will also gain access to timely salary payments and a range of financial services designed to support day-to-day money management.

As a locally established fintech, Kamel Pay has stated that the approval supports its efforts to address the needs of both businesses and employees in the UAE’s diverse labour market.

The company also notes the development aligns with the UAE’s Vision 2030, which emphasises digital transformation, innovation, and financial inclusion.

“This initial approval reaffirms our commitment to a financial ecosystem rooted in trust, innovation, and inclusion, empowering underserved communities and supporting the UAE’s digital transformation,”

said Hussain Al Qemzi, Chairman of Kamel Pay.

Featured image credit: CBUAE