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.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
More coverage from the Future Forum
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20Beekeeper
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Ayer%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EJason%20Statham%2C%20Josh%20Hutcherson%2C%20Emmy%20Raver-Lampman%2C%20Minnie%20Driver%2C%20Jeremy%20Irons%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
