UAE-based fintech Kamel Pay has received In-Principle Approval from the Central Bank of the UAE for the country’s highest-level Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses. This significant regulatory milestone is a pivotal step in the company’s mission to deliver a trusted and inclusive financial ecosystem for businesses and employees across the Emirates.
The approval will enable Kamel Pay to offer a full suite of payroll and business payment services, reinforcing its alignment with the UAE’s Vision 2030 of advancing digital transformation, financial innovation, and financial inclusion.
“This initial approval reaffirms our commitment to a financial ecosystem rooted in trust, innovation, and inclusion empowering underserved communities and supporting the UAE’s digital transformation,” said Hussain Al Qemzi, Chairman of Kamel Pay.
Advancing Financial Inclusion
Kamel Pay is set to offer a complete business payment solution, allowing employers to manage salaries, supplier payments, and other expenses with greater ease, efficiency, and compliance. Simultaneously, the platform will empower employees with timely and reliable access to their salaries, alongside a suite of financial services designed to make everyday money management simpler and more convenient.
“With this approval, we aim to ease how businesses manage payments, empower employees with reliable and affordable financial services, and contribute to the UAE’s vision for innovation and inclusion,” said Ehsan Rahman, Co-Founder & CEO.
A Homegrown Solution for UAE Businesses
As a homegrown UAE fintech, Kamel Pay is focused on addressing the specific needs of local businesses and the diverse workforce they employ. This milestone validates the company’s vision of creating a trusted, locally-built payments platform that simplifies financial access and supports the nation’s inclusive growth agenda. The approval recognizes the company’s disciplined execution, secure infrastructure, and robust governance.
“This step recognizes our disciplined execution, secure infrastructure, robust governance, and customer safeguards,” commented Zishan Rahman, Co-Founder & CTO. “We are now focused on scaling these standards to serve UAE businesses and communities.”
About Kamel Pay
Kamel Pay is a UAE-based Fintech focused on advancing financial inclusion for businesses and their employees across the Emirates. The company provides simpler, transparent, and reliable payment solutions designed to power businesses with efficiency while empowering individuals with convenient access to financial services. Kamel Pay was recently named the UAE winner in the Fintech: Financial Services category at the Middle East Technology Excellence Awards 2025.
Source: Zawya
