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Draft:Astra Tech

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Astra Tech
Company typePrivate
IndustryTechnology
Founded2022
HeadquartersAbu Dhabi, United Arab Emirates
Area served
MENA region
Key people
H.E. Dr. Tariq Bin Hendi (CEO and Board Member)
Websiteastratech.ae

Astra Tech is a UAE-based technology investment and development group operating in MENA region.[1][2][3] Astra Tech owns several technology companies, including PayBy,[4] Rizek, Botim,[5] and Quantix LLC.[6] The company developed Botim Ultra app, which serves over 150 million users across 155 countries.[7][8]

In 2023-2024, Botim became the most issued fintech card in the country.[9]

In July 2024, Astra Tech's Quantix became the first fintech to receive a Finance Company License Central Bank of the United Arab Emirates.[10][11]

In December 2024, the American investment fund Citi invested $500 million in Astra Tech's Quantix, marking the largest funding for a UAE-based fintech to date.[12]

History

[edit]

Astra Tech was founded by Emirati businessman Abdallah Abu Sheikh in 2022,[13] with a focus on creating the region's first Ultra App, integrating a wide range of services such free VoIP calls, international money transfers, credit lending, microfinancing bill payments, on-demand and home services, and government services.[14][15][16][17]

In July 2022, Astra Tech acquired Rizek, a homegrown UAE-born super platform for on-demand personal and home services. The platform was first to market with crucial services such as home PCR testing and COVID vaccinations.[18][14] In August 2022, Astra Tech acquired PayBy to expand its fintech section and receive Stored Value Facility and Retail Payment Services Licenses from the Central Bank of the UAE.[19][20][21] In December 2022, Astra Tech received significant investments, including a $500 million funding round led by Abu-Dhabi-based G42,[22] which has supported the company's acquisitions and development of technology.[23][24][25] In January 2023, Astra Tech acquired BOTIM, the region's most popular VoIP app, which became popular during the COVID-19 pandemic as it provided video, audio, instant messaging, and group chats.[26][27][28]

In 2023, it partnered with MoneyGram for international money transfers.[29][30][31] By In June 2023, Astra Tech launched its first autonomous AI-operated shopping store in Abu Dhabi,[32] and in July 2023, it entered the Philippine market by acquiring Y Finance.[33][34]

In August 2023, Astra Tech's Botim launched its prepaid cards together with MasterCard, which became the most issued card for a fintech in the UAE[35][36] and in September 2023, Astra Tech and Ant Group launched the first Alipay+ integrated cross-border digital payments in the UAE.[37][38] In November 2023, Apple Pay went live on the Botim Prepaid Card,[39][40] and in December 2023, a partnership with Tencent introduced remittances from Botim wallet to over 1 billion WeChat (Weixin Wallet) users in China.[41]

In 2023, Astra Tech was listed in Forbes India's Top 10 Select 200 Companies with Global Business Potential[42] and recognized as one of the "Future 100 Companies" by the UAE Minister of State for Government Development and the Future.[43]

In February 2024, Botim became a fintech platform to offer CBUAE's Aani Solution via Al Etihad Payments.[44] In March 2024, Astra Tech launched 'CharityGPT', the region's first GPT for charity, enabling donations through simple text commands on Botim.[45][46] By April 2024, Astra Tech signed a MoU with Abu Dhabi Islamic Bank to integrate Shariah-compliant financial services through the Botim app.[47][48]

In May 2024, Astra Tech launched the MENA region's first Palm Pay technology[49][50] and announced the opening of its strategic office in Dubai's DIFC Innovation Hub.[51][52] In July 2024, Astra Tech's Quantix became the first fintech to receive Central Bank of the United Arab Emirates Finance Company License.[10] In 2024, it received the Economic Financial Equity Award by Inc. Arabia's Best in Business Awards[53] and the Digital Banking Platform of the Year by Finance Middle East.[54][55]

References

[edit]
  1. ^ Parasie, Nicolas (11 December 2024). "UAE Fintech Gets $500 Million Asset-Backed Facility From Citi". Bloomberg. Retrieved 13 February 2025.
  2. ^ "مقابلة مع مؤسس شركة «أسترا تك» الإماراتية حول استراتيجيات تبني الذكاء الاصطناعي في الشركات". إم آي تي تكنولوجي ريفيو (in Arabic). 2024-03-11. Retrieved 2025-02-13.
  3. ^ Nair, Manoj (2024-11-12). "Astra Tech founder Abdallah Abu Sheikh is selling his stake, steps down as CEO". Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema. Retrieved 2025-02-13.
  4. ^ ""أسترا تك" تتعاون مع ماستركارد لتقديم حلول دفع رقمية جديدة". SkyNews Arabia (in Arabic). March 13, 2023. Retrieved 2025-02-13.
  5. ^ ""أسترا تك" الإماراتية تستحوذ على تطبيق "بوتيم" | اقتصاد الشرق مع بلومبرغ". Asharq News (in Arabic). 2023-01-12. Retrieved 2025-02-13.
  6. ^ ""كوانتيكس" التابعة لـ"أسترا تك" تحصل على تمويل قياسي بقيمة 500 مليون دولار من مجموعة سيتي المصرفية". سكاي نيوز عربية (in Arabic). Retrieved 2025-02-13.
  7. ^ Release, Press. "Astra Tech's Quantix becomes the first fintech to receive CBUAE's Finance Company License". www.zawya.com. Retrieved 2024-02-14.
  8. ^ عباس, وحيد (2024-07-24). "البنك المركزي يمنح"كوانتيكس"أول ترخيص تمويل منذ 2016". Khaleej Times - Arabic Edition (in Arabic). Retrieved 2024-02-14.
  9. ^ "تطبيق بوتيم يتكامل مع منصة فيلو لتوفير التعليم بالفيديو لملايين الطلاب". arabic.arabianbusiness.com (in Arabic). 2024-04-19. Retrieved 2025-02-13.
  10. ^ a b "Astra Tech's BOTIM app offers services from flight bookings to bond purchasing through chat". Arab News. 2023-10-26. Retrieved 2024-02-14.
  11. ^ MENAFN. "كوينتكس التابعة لـ أسترا تك تصبح أول منصة تكنولوجيا مالية تحصل على رخصة شركة تمويل من مصرف الإمارات المركزي". Archived from the original on 2024-07-24. Retrieved 2025-02-13.
  12. ^ Nair, Manoj (2024-12-11). "Astra Tech owned Quantix gets UAE's biggest financing for a fintech". Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema. Retrieved 2025-02-13.
  13. ^ "Astra Tech launches the Botim 3.0 ultra app". thepaypers.com. Retrieved 2024-02-14.
  14. ^ a b Birch, Kate (2023-08-22). "How UAE Astra Tech is building the MENA region's Ultra App". businesschief.eu. Retrieved 2024-02-14.
  15. ^ "TEDxWestfordUniSharjah | TED". www.ted.com. Retrieved 2024-02-14.
  16. ^ Salian, Neesha (2024-01-25). "Power Letters 2024: Abdallah Abu Sheikh, co-founder and CEO of Astra Tech and Botim". Retrieved 2024-02-14.
  17. ^ Nath, Kanchan (2023-05-09). "Astra Tech launches Botim 3.0 Ultra App". Travel Daily Media. Retrieved 2024-02-14.
  18. ^ Release, Press. "Astra Tech acquires Rizek to move closer to delivering 'ultra platform' to customers". www.zawya.com. Retrieved 2024-02-14.
  19. ^ "UAE tech investment group acquires PayBy Fintech firm - Edge Middle East". Edge Middle East. 2022-08-11. Retrieved 2024-02-14.
  20. ^ "Astra Tech acquires PayBy aims to launch its revolutionary 'ultra platform'". IBS Intelligence. Retrieved 2024-02-14.
  21. ^ Bleach, Tom (2023-01-06). "PayBy Receives Licences From the UAE's Central Bank". The Fintech Times. Retrieved 2024-02-14.
  22. ^ "فوربس الشرق الأوسط تكشف عن قائمة 30Under30 لعام 2023". Forbes ME. Retrieved 2025-02-13.
  23. ^ "Abu Dhabi's G42 takes on lead investor role in Astra Tech's $500m funding round". gulfnews.com. 2022-12-24. Retrieved 2024-02-14.
  24. ^ Malin, Carrington. "G42 leads Astra Tech's $500m funding round; New Dubai robot cafe". www.middleeastainews.com. Retrieved 2024-02-14.
  25. ^ ""أسترا تك" الإماراتية تستحوذ على تطبيق "بوتيم" | اقتصاد الشرق مع بلومبرغ". Asharq News (in Arabic). 2023-01-12. Retrieved 2024-02-14.
  26. ^ Cabral, Alvin R. "G42-backed Astra Tech acquires VoIP app Botim after $500m funding round". The National. Retrieved 2024-02-14.
  27. ^ "UAE's Astra Tech acquires Botim". Wamda. Retrieved 2024-02-14.
  28. ^ "الرئيس التنفيذي لشركة "أسترا تك" المالكة لـ BOTIM لـ CNBC عربية: BOTIM أول منصة تطلق خدمات GPT في المنطقة العربية". CNBC Arabia (in Arabic). Retrieved 2025-02-13.
  29. ^ "MoneyGram and Astra Tech Team on Money Transfers by Text". PYMNTS.com. 2023-01-25. Retrieved 2024-02-14.
  30. ^ "MoneyGram partners with Astra Tech's BOTIM to offer international money transfer to its users". Bizness Transform. 2023-01-28. Retrieved 2024-02-14.
  31. ^ "MoneyGram joins forces with BOTIM for international money transfers". IBS Intelligence. Retrieved 2024-02-14.
  32. ^ Dowdall, Mark (2023-06-14). "Astra Tech launches autonomous store with Facepay - Seamless Xtra". seamlessxtra.com. Retrieved 2024-02-14.
  33. ^ Writer, Staff; Mubasher. "UAE: Astra Tech enters Philippine market through 90% equity acquisition in Y Finance". www.zawya.com. Retrieved 2024-02-14.
  34. ^ "Astra Tech acquires 90% stake in Philippines-based Y Finance". IBS Intelligence. Retrieved 2024-02-14.
  35. ^ Muzoriwa, Kudakwashe (2023-08-16). "Astra Tech debuts new Botim prepaid debit card". Retrieved 2024-02-14.
  36. ^ "Astra Tech brings Apple Pay to its Botim prepaid card customers". IBS Intelligence. Retrieved 2024-02-14.
  37. ^ "Astra Tech and Ant Group to launch Alipay+ cross-border digital payments solution in the UAE". Khaleej Times. Retrieved 2024-02-14.
  38. ^ Salian, Neesha (2023-09-05). "Astra Tech, Ant Group to launch digital payments solution". Retrieved 2024-02-14.
  39. ^ "ApplePay". www.ultrabotim.com. Retrieved 2024-02-14.
  40. ^ Release, Press. "Astra Tech brings Apple Pay to its Botim prepaid card customers". www.zawya.com. Retrieved 2024-02-14.
  41. ^ "MoneyGram and Tencent Financial Technology Announce New Partnership to Enable Digital Remittances to Weixin Pay Wallet Users across China". www.tencent.com. Retrieved 2024-02-14.
  42. ^ "DGMES : Select200". www.forbesindia.com. Retrieved 2024-02-14.
  43. ^ "Future 100 (2023) - Articles & Biography". Entrepreneur. Retrieved 2024-02-14.
  44. ^ "Central Bank, Financial Inclusion and Instant Payments". Payments Space. Retrieved 2024-02-14.
  45. ^ "What Is the Region's First "Charity GPT"?". sandytimes.ae. Retrieved 2024-02-14.
  46. ^ "First-Ever "CharityGPT" Launched on Botim App for Effortless Donations During Ramadan". www.sme10x.com. Retrieved 2024-02-14.
  47. ^ "ADIB Leads With First Integrated Financial Services On Botim App In UAE". OneArabia. 2024-04-24.
  48. ^ Haider, Waquar (2024-05-07). "UAE set to ditch cards for contactless purchases, thanks to palm pay revolution". Mashable ME. Retrieved 2024-02-14.
  49. ^ Kanwar, Aastha (2024-05-24). "Astra Tech In Dubai Unveils Palm Pay, Elevating Biometric Payment Technology". onearabia.
  50. ^ "Astra Tech aims to revolutionize payments with patented palm recognition tech". Fast Company Middle East | The future of tech, business and innovation. Retrieved 2024-02-14.
  51. ^ "Astra Tech bolsters tech vision with strategic Dubai office opening in DIFC Innovation Hub – Bizpreneur Middle East". Retrieved 2024-02-14.
  52. ^ "News | additiv opens new office in Dubai to deepen commitment in bringing embedded finance to the Middle East". additiv. 2024-02-29. Retrieved 2024-02-14.
  53. ^ "Inc. Arabia Announces the Winners of Best in Business Awards". Inc. Arabia English - en.incarabia.com. Retrieved 2024-02-14.
  54. ^ "Finance Middle East Awards 2024: Shortlist revealed". dhf-capital.com. Retrieved 2024-02-14.
  55. ^ "إطلاق أول ChatGPT باللغة العربية لتعزيز العروض المدعومة بالذكاء الاصطناعي". Economy Middle East (in Arabic). Retrieved 2024-02-14.
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