EITC Receives UAE Central Bank Licences To Launch Fintech Services

Emirates Integrated Telecommunications Company (EITC) has made a significant stride in the financial technology sector by securing licences from the Central Bank of the UAE (CBUAE) to provide new digital financial services. This development not only places EITC at the vanguard of the fintech evolution in the region but also aligns with the UAE's broader objectives of enhancing innovation, competition, and financial inclusion through the promotion of a cashless society.

The licences awarded by CBUAE empower EITC to roll out cutting-edge financial solutions, marking a pivotal step towards establishing a sophisticated, modern, and future-ready financial ecosystem throughout the UAE. This initiative will see du, a subsidiary of EITC, offering an array of digital financial services tailored to meet the changing needs and preferences of today's digital-savvy customers.

Fahad Al Hassawi, CEO of EITC, expressed his enthusiasm about the new licences, stating, "The awarding of these licences underscores the UAE's commitment to creating an environment that nurtures fintech innovation collaboration. We believe that EITC's entry into digital financial services space will further enhance the financial landscape of the UAE through customer-centric solutions that will contribute to its growth and development."

EITC's venture into digital financial services is poised to empower both individuals and businesses by offering convenient, secure, and efficient solutions designed to streamline their financial transactions and cater to their varied needs. This move is in line with the UAE's ongoing efforts to foster financial technology innovation and ensure the nation remains a leading player in the global fintech arena.

The introduction of these services by EITC is anticipated to significantly contribute to the development of an advanced financial ecosystem in the UAE. By focusing on customer-centric solutions, EITC aims to address the evolving demands of consumers and businesses alike, facilitating a smoother transition towards a cashless society and bolstering the country's position as a hub for fintech innovation.

With inputs from WAM