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Release date: Thursday, September 19, 2024 at 4:25 pm
Last updated: Thursday, September 19, 2024 at 7:42 pm
The first of its kind, the service allows users to instantly send money internationally and then make payments using the Botim Ultra app. The “Send Now, Pay Later (SNPL)” programme will support the UAE’s large expatriate workforce and provide them with increased financial flexibility.
Users can send money abroad and pay it off later in easy-to-pay installments, providing much-needed relief during tough financial times such as the end of the month, making Botim the first fintech to offer such a solution in the MENA region.
“By leveraging advanced trust infrastructure, we are offering our users a faster and more accessible way to send money,” said Abdallah Abu Sheikh, founder of Astra Tech and CEO of Botim. “This service gives millions of our users the flexibility to more effectively manage their financial obligations while providing ongoing support to their families abroad.”
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Botim’s financial services, introduced in 2022 (such as international remittances and bill payments), will ease the burden of upfront payments.
The launch is in line with Astra Tech’s mission to expand financial inclusion in the region. It follows the company receiving a Financial Company License from the UAE Central Bank through Quantix, a licensed financial services provider that offers a range of credit solutions, including SNPL and Buy Now, Pay Later (BNPL).
Ahead of its official launch, Botim has introduced a pre-registration form for its 9 million users, allowing early adopters to enjoy the benefits of instant transfers and flexible payment terms.
In 2023, Astra Tech launched Botim as the world’s first ultra app. The goal of this platform is to become a comprehensive digital platform for users by incorporating fintech, e-commerce, GPT and telecommunications into a single user experience.
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