Astra Tech, the Dubai-based technology-focused investment company backed by Abu Dhabi's artificial intelligence company G42, has partnered with Alibaba’s global digital payment platform Ant Group to allow tourists to the UAE to shop and pay for services through their home e-wallets without worrying about foreign currency conversions.
The service, which integrates Ant Group’s Alipay cross-border digital payment platform with Astra Tech’s PayBy merchant network, will begin this month.
It will enable more than 1.4 billion wallet users to conduct seamless transactions in their home currencies for Abu Dhabi’s fleet of nearly 7,000 taxis as well as more than 3,000 retail merchants across the UAE, Astra Tech said on Monday.
“Our milestone collaboration with Alipay aligns perfectly with the UAE's commitment to enhancing the payment ecosystem and fostering a commerce-friendly environment,” said Abdallah Abu Sheikh, co-founder of Astra Tech and chief executive of Botim.
The new service will cater to tourists from countries including China, South Korea, the Philippines, Thailand, Malaysia, Singapore and Italy, among others, through their respective native e-wallets such as Alipay, MPay, Kakao Pay, GCash, TrueMoney and Tinaba.
The UAE, the Arab world’s second-largest economy, is investing heavily to expand its tourism sector.
In May, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said tourist spending in the country rose 70 per cent to Dh121 billion ($33 billion) in 2022, the highest in the region.
“We have set a target of reaching 40 million tourists within seven years and increasing the tourism sector's contribution to our GDP [gross domestic product] to Dh450 billion,” he said at the time.
The coronavirus pandemic spurred the faster adoption of digital payments around the world, with digital wallets, credit and debit cards and buy-now-pay-later solutions substituting physical money, according to the FIS Global Payments Report 2023.
Credit cards are the most popular way to pay for e-commerce transactions in the UAE, followed by digital wallets, which account for 24 per cent of transaction values, up from 23 per cent in 2021, the report said.
Meanwhile, global consumer spending through digital wallets will reach $10 trillion in 2025, up from $5.5 trillion in 2020, a report by UK-based Juniper Research said.
The partnership between Astra Tech and Ant Group will facilitate settlement processes and mobile-based transactions through Alipay in both physical stores and online platforms.
Physical store customers can scan a QR code at cashier desks when paying for items, then enter the amount for payment and confirm the transaction, Astra Tech said.
Retailers can also scan payment QR codes on a customer’s mobile phone. Both methods address challenges such as having to exchange currencies, withdraw cash and language barriers.
Alipay and PayBy plan to expand the service with the introduction of mini-programmes for merchants that could boost their engagement with customers visiting the UAE from Asia and Europe.
“Our alliance with Astra Tech not only opens doors to a seamless and integrated digital payment experience at physical stores in the Middle East, but also propels us towards a new era of strategic collaboration,” said Guoming Cheng, general manager of Ant Group in Europe and the Middle East.
“Furthermore, it extends an invitation to merchants to ride on the digitalisation wave, together transform the retail landscape and become part of this innovative ecosystem.”
Alibaba, which was co-founded by billionaire businessman Jack Ma, owns a third of Ant Group.
In March, Astra Tech, which raised $500 million in a funding round led by G42 in December, said it had obtained a MasterCard principal membership licence, which allows it to issue MasterCard-branded physical and digital cards through its PayBy and Botim platforms.
Astra Tech acquired PayBy last August and VoIP platform Botim in December.
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Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
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8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
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Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
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First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
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Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
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Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
