Quantix Technology Projects has been granted licence by Central Bank of the UAE, enabled to offer microfinancing to UAE residents

The Central Bank of the UAE has granded licence to Quantix Technology Projects, a subsidiary of Dubai-based consumer technology holding company Astra Tech, to provide microfinancing to UAE citizens. Residents will have access to a variety of financial services from the fintech startup, including short-term credit, vehicle loans, BNPL (Buy Now, Pay Later), RNPL (Rent Now, Pay Later), SNPL (Send Now, Pay Later), and more.

The UAE Central Bank has licensed a financing company for the first time since 2016.

The growing e-commerce sector and the growing need for online payment solutions are likely to fuel the UAE's fintech market's significant rise in the upcoming years. The development of fintech apps is supported by a strong infrastructure in the United Arab Emirates. The UAE Fintech market is anticipated to expand from $3.16 billion in 2024 to $5.7 billion in 2029, according to Mordor Intelligence.