KamelPay supports over 2,000 businesses, including some of the UAE’s largest private and government entities.
KamelPay, a UAE-founded fintech specialising in payroll and business payment solutions, has secured Stored Value Facility (SVF) and Retail Payment Services (RPS) licences from the Central Bank of the UAE (CBUAE), marking a major regulatory milestone in the company’s expansion and reinforcing its role in the country’s growing digital payments sector.
The approvals place KamelPay among a limited group of fintech firms authorised to provide regulated payment services under the CBUAE’s framework. Since launching in 2021, the company has focused on delivering payroll and payment solutions to organisations across sectors including construction, retail, real estate, logistics, hospitality and financial services.
KamelPay currently serves more than 2,000 corporate clients, including major private-sector and government organisations in the UAE, while facilitating payments for more than 400,000 employees nationwide.
The SVF and RPS licences provide the regulatory foundation for KamelPay to broaden its payment offerings and mark a key stage in its development as a regulated fintech within the UAE’s financial technology ecosystem.
Commenting on the milestone, Hussain AlQemzi, Chairman of KamelPay, said: “The strength of every economy depends on the strength of its financial ecosystem. As the UAE continues to advance its digital economy, ensuring businesses of all sizes and members of the workforce have access to secure, regulated and inclusive financial services is becoming increasingly important. KamelPay was established to help bridge this gap. We are grateful to the Central Bank of the UAE for granting KamelPay the SVF and RPS licences. This milestone reinforces our commitment to supporting the country’s digital transformation agenda while continuing to build trust among the businesses and individuals we serve.”
Saadaat Yaqub, Co-Founder and Director of KamelPay, said the licences represent more than regulatory recognition, strengthening the company’s operational model and future growth potential.
“By operating our services through our own regulated payment infrastructure, we gain greater flexibility to innovate, launch new capabilities more quickly and deliver additional value to our customers. These licences position us to continue expanding our offerings while upholding the highest standards of compliance, security and reliability expected within a regulated financial ecosystem,” Yaqub said.
Ehsan Rahman, Chief Executive Officer of KamelPay, said the company was built on the belief that businesses and employees need a payments ecosystem they can depend on.
“With our first solution, we focused on creating a better payroll experience. Through AbsoluteCard, we provided finance teams with greater control and visibility over everyday corporate payments. These licences strengthen both solutions by giving our customers increased confidence, enhanced compliance and enabling us to explore larger and more innovative opportunities,” Rahman said.
The announcement highlights the growing importance of regulated fintech providers in supporting the UAE’s shift towards a more digital, integrated and accessible financial ecosystem.
