Central Asian fintech Alif is spreading its wings into the United Arab Emirates (UAE) with the disclosing of Alif Pay, a monetary platform that goals to reshape the panorama of monetary providers and world remittances within the area.
Alif Pay permits sharia compliant microfinance for UAE expat communities to remit cash to their residence nations and pay later in brief, versatile phrases. This platform presents a collection of monetary choices together with ship now, pay later (SNPL), a payroll platform, a journey pay as you go programme, purchase now, pay later (BNPL), and fly now, pay later (FNPL) providers.
The introduction of Alif Pay is the newest chapter in Alif’s ongoing journey of enlargement and innovation. Past its operations within the UAE, Alif additionally features as a completely licensed financial institution in Tajikistan and operates as an e-commerce and fintech firm in Uzbekistan.
The corporate has witnessed vital progress, with a 72 per cent annual enhance in its consumer base and a 121 per cent year-on-year progress in 2022. As of June 2023, Alif serves 1.9 million customers. In 2021, the corporate additionally concluded one in all Central Asia‘s most substantial fintech funding rounds, elevating $8million in fairness and $50million in debt, whereas attaining an organization valuation of $100million.
New CEO
Main the brand new platform as CEO is Shafique Ibrahim, who boasts 22 years of expertise in C-level positions within the Center East’s fee trade. Previous to turning into Alif Pay CEO, he labored on fintech and fee initiatives, together with cross-border remittances, multi-currency pay as you go programmes, pockets and cellular fee options in addition to blockchain integration and course of automation.
Ibrahim, mentioned: “The UAE stands poised for transformative change, with the fintech revolution in fee providers reshaping conventional paradigms. I’m proud to be related to Alif, an organization that upholds integrity, ethics, and noble values in its relationships with prospects, companions, and staff. I’m keen to increase these ideas and set up Alif Pay as a premier fintech drive within the UAE.”
Outward remittances from the UAE reached $47.54billion in 2021, in line with World Financial institution‘s knowledge.
