Comera Pay Secures Approval to Boost UAE’s Cashless Economy

UAE-based Comera Pay, the fintech arm of Comera Financial Holding, has received preliminary approval from the Central Bank of the UAE to operate under two key financial licences.

The Stored Value Facilitator (SVF) and Retail Payment System Clearing Service (RPSCS) licences enable the company to facilitate stored value transactions and provide retail payment system clearing services.

This means Comera Pay can now launch payment solutions that provide simpler, more secure transactions for merchants and consumers. Leveraging technologies like advanced data encryption, the company aims to power faster digital payments and help advance the UAE’s cashless economy.

“We are thrilled to receive this approval which allows us to bring our vision for Comera Pay to life,” said Akhtar Saeed Hashmi, MD of Comera Financial Holding. “By fostering healthy competition and expanding access to financial services, we believe Comera Pay can help enrich the payments landscape while supporting broader financial inclusion goals in the UAE and region.”

In addition to Comera Pay, the company offers Comera, aVoIP c ommunications app delivering voice, video and messaging capabilities. Leveraging the latest encryption standards, Comera ensures seamless connectivity and security for users to stay in touch with family, friends and colleagues anywhere worldwide.

The group also recently announced a strategic collaboration with Beltone Holding, a financial institution in Egypt, to jointly develop new fintech products and accelerate digital transformation across the region.

Through complementary expertise and networks, the partners aim to deliver solutions that meet evolving customer demands.