Sharjah, UAE –– The UAE-based technology firm AstraTech is seeking to expand across India, Pakistan, and Egypt in the near future as part of its global expansion strategy.
“Last month, we acquired a banking company in the Philippines as part of our global expansion, and now we are looking at the Indian, Pakistani, and Egyptian markets,” Abdallah Abu Sheikh, founder of AstraTech and CEO of Botim platform, said in a statement the company to the Emirates News Agency (WAM) on the sidelines of his participation in the International Government Communication Forum (IGCF) in Sharjah.
He confirmed that in the first quarter of the next year, there will be announcements of acquisitions in the fields of financial technology and social communication in companies outside the UAE.
“I do not expect any funding rounds for the company at the moment, as profitability is high, and the situation is stable,” Abu Sheikh added.
As for the Botim application, he explained that it has become an “Ultra Platform” as, in addition to the communication service it offers, there are financial services such as international money transfers.
“The platform allows people without bank accounts to obtain a Botim card, which can be used on Botim and is accepted worldwide,” Abu Sheikh said. “It also provides payment features for companies that do not want an expensive or costly payment system.”
He pointed out that the volume of financial transactions on the Botim application reaches around AED1 billion (0.26 billion) monthly, including various financial transfers and payments.
During the forum, he revealed a new product that will be launched soon for money transfers, based on the “Convert Now, Pay Later” principle. He explained that at certain times, some people need to transfer money without having the full amount they want to transfer, and therefore, the transfer and payment service will help many people meet their financial needs.