Dubai, UAE – Alif, a Central Asian fintech leader, is expanding its presence into the United Arab Emirates (UAE) with the launch of Alif Pay. This new venture is geared towards offering a range of financial services and global remittance solutions to meet the needs of UAE residents.
Among the services that Alif Pay will introduce in the UAE are “Send Now Pay Later,” a payroll platform, a travel prepaid program, “Buy Now, Pay Later,” and “Fly Now, Pay Later” services. These offerings are aimed at addressing the diverse financial requirements of individuals living in the UAE.
According to data from the World Bank, outward remittances from the UAE reached an impressive $47.54 billion in 2021, with expectations of continued growth.
Alif has seen remarkable growth and diversification, boasting a total user base of 1.9 million as of June 2023. The company achieved a 72% annual increase in customer numbers and a remarkable 121% year-on-year growth in 2022. Besides, it raised $8 million in equity and $50 million in debt during a fintech funding round in Central Asia in 2021, valuing the company at $100 million.
“Alif Pay is introducing innovative payment services, offering customers swift and cost-effective financial solutions,” Shafique Ibrahim, the CEO of Alif Pay, expressed his enthusiasm for the venture, said. “The fintech revolution in payment services is reshaping traditional paradigms in the UAE, and I’m proud to be associated with Alif, a company that prioritizes integrity and noble values in its relationships with customers, partners, and employees. I’m eager to establish Alif Pay as a premier fintech force in the UAE.”
Zuhursho Rahmatulloev, co-founder of Alif, emphasized the company’s commitment to ethical fintech solutions, saying, Alif has emerged as a global leader in Islamic fintech and ethical banking, marked by our impressive growth and rapid expansion into new markets.