visimoney
TLDR:
- UAE telco du has received licenses from the Central Bank to offer financial services through digital platforms.
- This move positions du at the forefront of the evolving fintech landscape in the region and supports the UAE’s commitment to promoting a cashless society.
In a recent development, Emirates Integrated Telecommunications Company (EITC) – the parent company of du – has obtained licenses from the UAE Central Bank to provide financial services through digital platforms. This strategic move allows du to offer a range of digital financial services that cater to the changing needs and preferences of customers in the digital age. The du stock price on DFM is currently trading near its 52-week high, indicating the potential growth in the digital fintech space.
EITC aims to empower individuals and businesses with secure and efficient financial solutions that simplify transactions and meet diverse needs. The UAE has witnessed a surge in digital payment options, with initiatives like the ‘Aani’ platform gaining popularity among residents and businesses. With the new licenses, du is poised to enhance its digital presence in the financial services sector, joining other key players like Astra Tech and Careem.
Market analysts predict significant activity in the fintech sector, including potential mergers and acquisitions, following the recent regulatory changes by the UAE Central Bank. EITC’s entry into the digital financial services space is seen as a positive step that aligns with the UAE’s vision of fostering fintech innovation and collaboration. CEO Fahad Al Hassawi believes that EITC’s customer-centric solutions will contribute to the growth and development of the UAE’s financial landscape.
