Dubai-based FinTech VaultsPay and US digital payments company Wibmo are to roll out a prepaid card platform that aims to accelerate financial inclusion in the Middle East by serving the needs of the underbanked.
The prepaid card will help ease the financial transactions and salary deposits of blue-collar workers who may not have bank accounts or the resources to carry out online transactions, the two companies said on Thursday.
“With millions of people who serve in unskilled jobs, their participation in seamless financial transactions and online engagement is limited,” said Mohammed Afifi, chief executive of VaultsPay.
“As the region pivots to digitalisation and the move towards cashless transactions, our solution aims to drive economic inclusion for a large pool of unbanked and underbanked people.”
About 22 per cent of the GCC's population is unbanked, compared with 60 per cent in North Africa, according to consultancy Strategy&.
Seventy-nine per cent of young adults in the Middle East and North Africa region are unbanked and 72 per cent of the poorest citizens can benefit from financial inclusion, according to the Arab Monetary Fund.
Set to go live in the third quarter of this year, the prepaid card platform will be launched across the GCC in stages.
Through the platform, companies will be able to pay employees by depositing their salaries into prepaid accounts. Employees can use the prepaid cards to withdraw money for payments in shops.
The UAE's Wage Protection System, which was introduced in 2009, requires private companies to transfer the salaries of employees to bank accounts on fixed dates to avoid fines.
All companies registered with the Ministry of Human Resources and Emiratisation must subscribe to the WPS and pay salaries through the system, according to ministerial decree No 739 of 2016.
Salary transfers can be done through banks, exchange houses and other financial institutions that have been authorised to provide the service.
Under the partnership, VaultsPay will leverage Wibmo’s prepaid platform to build card issuance capabilities that can be configured to specific requirements, the statement said.
“We will build a complete issuance ecosystem that will drive multi-institutional transaction processing and corporate payments serving both workers and corporates,” said Chitrajit Chakrabarti, head of Middle East and Africa at Wibmo.
Wibmo, which is based in California, is a subsidiary of PayU and works with more than 130 banks across 28 countries.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
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On racial profiling at airports
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Honeymoonish
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UAE currency: the story behind the money in your pockets
