Astra Tech, the Dubai-based technology-focused investment firm backed by Abu Dhabi’s G42, has joined hands with the FinTech unit of gaming company Tencent Holdings to unveil cross-border remittances between UAE users of the Middle East internet calling platform Botim and messaging and payment app Weixin/WeChat in China.
This will enable Botim users to make international transfers via the messenger platform to more than 1 billion Weixin users, Astra Tech said on Tuesday.
“Our partnership with Tencent Financial Technology is a testament to the boundless potential of technology,” Abdallah Abu Sheikh, co-founder of Astra Tech and chief executive of Botim, said.
Astra Tech acquired Botim earlier this year as it prepared to launch an “ultra app” to serve a wide range of consumer needs.
The acquisition offered Astra Tech access to Botim’s 90 million registered users – 25 million of which are active.
The deal came after Astra Tech started a $500 million funding round led by G42.
Astra Tech planned to launch an ultra app to rival super apps such as Dubai-based Careem, which is one of the most recognisable super apps in the Middle East.
Meanwhile, the US continued to be the largest source of remittances in 2023, the latest World Bank report said.
The top five remittance recipient countries in 2023 are India at $125 billion, followed by Mexico at $67 billion, China at $50 billion, the Philippines at $40 billion and Egypt at $24 billion.
As part of the partnership, recipients in China can receive funds through Weixin messages, monitor remittance status and choose to receive funds using Weixin Wallet Balance or bank cards linked to Weixin Pay, Astra Tech said.
The partnership with Botim aims “to enhance the global cross-border remittance experience, which is to make sending remittance as easy as sending a message”, said Royal Chen, vice president of Tencent Financial Technology.
This collaboration “simplifies international remittances, eliminates app-switching inconveniences and reduces friction”, Astra Tech said.
In regions where traditional banking services face limitations, this partnership paves the way for financial inclusion, it added.
The collaboration empowers Botim users without traditional bank accounts to conduct financial transactions with ease, it said.
In 2022, Astra Tech also acquired FinTech platform PayBy and UAE-based home services app Rizek.
Botim, which was developed by US company Algento, was introduced in the UAE in 2017 as one of only two licensed voice over internet protocol (VoIP) apps, the other one being C'Me.
Aside from VoIP calls, Botim also offers money transfer and bills payment services.
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
