KamelPay has received Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses from the Central Bank of the UAE (CBUAE), allowing the UAE-born fintech to operate regulated payment services under the country’s payment framework.

The approvals place KamelPay among a select group of fintech companies authorised to operate regulated payment services under the CBUAE framework.

Founded in 2021, KamelPay provides payroll and business payment solutions for organisations across sectors including construction, retail, real estate, logistics, hospitality and financial services.

The company currently serves more than 2,000 corporate clients and supports payments for over 400,000 employees across the UAE.

The new licenses enable KamelPay to operate its payment services through its own regulated infrastructure and expand its product offerings within the CBUAE’s regulatory framework.

Its solutions include a payroll platform designed to support Wage Protection System (WPS) compliance and AbsoluteCard, a corporate spend management solution that provides finance teams with greater visibility and control over business payments.

“The strength of every economy depends on the strength of its financial ecosystem,”

said Hussain AlQemzi, Chairman of KamelPay.

“We are deeply grateful to the CBUAE for entrusting KamelPay with the SVF and RPS licenses. This defining milestone strengthens our commitment to supporting the country’s digitisation agenda.”

The regulatory approval marks a new phase for KamelPay as it continues expanding its payroll and business payment solutions within the UAE’s regulated fintech ecosystem.

Featured image credit: Edited by Fintech News UAE, based on image by magnific via Magnific