Astra Tech, the Dubai-based technology-focused investment company backed by Abu Dhabi's artificial intelligence company G42, has teamed up with global payments company Mastercard to boost its digital payments services in the Mena region.
The partnership makes PayBy, Astra Tech's financial services arm, one of the first FinTech players in the UAE to obtain a Mastercard principal membership licence, which will enable it to act as an issuer of digital — prepaid and debit — and physical cards, Astra Tech told The National on Monday.
It also enables Astra Tech, which secured $500 million in a funding round led by G42 in December, to issue Mastercard-branded physical and digital cards through its PayBy and Botim platforms, it said.
Astra Tech acquired PayBy in August and voice over internet protocol (VoiP) platform Botim in December.
It also acquired Rizek, an on-demand app for home and personal services, in July, and entered into a partnership with US payments company MoneyGram International to allow international money transfers on Botim.
Those moves are aligned with the company's plans to launch what it calls an "ultra app" that would serve a wide range of consumer needs through integrated digital channels.
Astra Tech's partnership with Mastercard "will provide users with even greater financial flexibility and convenience through Botim's ultra app, which is due for launch in the second quarter", Abdallah Abu-Sheikh, co-founder and chief executive of Astra Tech, told The National.
"Users will be able to access a wide range of financial services, including money transfers and bill payments, all in one place. Botim is now well positioned to become a leader in the rapidly growing FinTech industry in the region."
Apps have played a major role in the digital lives of consumers, who have relied on these to gain access to any service, including finance, shopping, health, transport and home services.
Astra Tech's plans to launch an ultra app would rival super apps such as Dubai-based Careem, one of the most recognisable in the Middle East.
Careem became the region's first unicorn — a start-up with a valuation of more than $1 billion — when US-based Uber bought it in 2019 for $3.1 billion.
Astra Tech previously said that its “ultra platform” would be a first in the Arab world and would allow sellers and consumers around the world to directly transact with each other on a single platform, eliminating the complexity of using several apps.
Botim, which was developed by US company Algento, was introduced in the UAE in 2017 as one of only two licensed VoIP apps, the other one being C'Me.
We are committed to pursuing opportunities that align with Botim's vision of delivering the best services ... these efforts strengthen Astra Tech's position to empower other FinTechs in the region
Abdallah Abu-Sheikh,
co-founder and chief executive of Astra Tech
It has more than 100 million registered users and an 80 per cent market penetration rate in the UAE, giving it the "ability to become the biggest card-issuing FinTech in the region", Astra Tech said.
"We are committed to pursuing opportunities that align with Botim's vision of delivering the best services ... these efforts strengthen Astra Tech's position to empower other FinTechs in the region," Mr Abu-Sheikh said.
The company's partnership with Mastercard will also allow it to offer banking identification number (Bin) sponsorship services, which will enable third-party FinTechs to issue prepaid cards and connect to Mastercard's network.
"Through this partnership, millions of users will have access to Mastercard's global reach and suite of products as we join forces to create a more connected and inclusive digital future for all," J.K. Khalil, cluster general manager for the Mena East region at Mastercard, said.
New York-based Mastercard has been active in providing its FinTech services in the UAE.
In October, it team up with BitOasis, one of the largest cryptocurrency trading platforms in the Mena region, to unveil cryptocurrency cards that will allow the use of digital tokens at point-of-sale terminals and across e-commerce platforms.
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Killing of Qassem Suleimani
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
The years Ramadan fell in May
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
SPECS
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