Dubai-based fintech KamelPay has obtained Stored Value Facilities (SVF) and Retail Payment Services (RPS) licenses from the Central Bank of the UAE, marking a significant regulatory milestone for the payroll and corporate payments firm founded in 2021.
The dual approval enables KamelPay to operate its services on its own regulated payment infrastructure, accelerating product development and broadening its digital payments offering. The company currently serves over 2,000 corporate clients – spanning construction, retail, real estate, logistics, hospitality and financial services – and processes payroll for more than 400,000 employees nationwide.
KamelPay's core products include PayD, its payroll and workforce financial services platform, and AbsoluteCard, a corporate expense management solution. The firm also maintains partnerships with more than ten UAE banks and exchange houses.
Gulf Economist Staff Writer