Today's Edition
MAYS IBRAHIM (ABU DHABI)
Quantix Technology Projects LLC, a subsidiary of Astra Tech, has bagged a groundbreaking $500 million asset-backed securitisation financing-the largest ever secured by a UAE fintech company.
The funds, provided by the US-based financial institution Citi, will be used by Quantix to further fuel the growth of its flagship CashNow consumer lending platform.
This announcement was made on Wednesday during the Fintech Abu Dhabi, part of the ongoing Abu Dhabi Finance Week (ADFW).
This financing supports Astra Tech's vision for its Ultra app ecosystem, which serves over 150 million users worldwide, integrating a wide range of services, including payments, cross-border transfers, and financing solutions, into a unified ecosystem.
"Our vision is to build an all-in-one platform that simplifies and empowers consumers' financial decisions-whether it's securing loans or managing everyday finances. This is just the beginning, as we continue to scale and redefine the future of financial services in the region," said Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech.
"We are excited to support Quantix's impressive growth. Astra Tech's innovative approach and dedication to bridging technology and finance have set a new standard in the region," Maria Ivanova, Citi Country Officer and Banking Head for the UAE, said in a statement.
In an interview with Aletihad, Dr. Bin Hendi noted that this announcement reinforces the UAE's position as a robust FinTech hub.
"We have strong governance, forward-thinking regulations, and the backing of visionary leadership eager to develop the fintech space. Our financial infrastructure is world-class, and fintech complements this legacy, helping to modernise and diversify our financial ecosystem," he said.
Dr. Bin Hendi also noted that the attractiveness of the UAE in the fintech space lies in the ease with which businesses can establish themselves and scale.
"The UAE offers a unique advantage for companies not only targeting the local market but also expanding into other regions. Many fintechs are setting up in the UAE to serve Africa or Southeast Asia, leveraging the country's infrastructure and business-friendly environment as a launchpad," he explained.
Looking into the future, Dr. Bin Hendi painted an optimistic picture for the UAE's fintech sector.
"In the next five years, you'll see more announcements like this, with stronger partnerships and growing international interest in the UAE as a fintech hub. We are already seeing a shift in investment patterns, with more venture funding flowing into the region, particularly in fintech. I expect more fintech IPOs, increased consolidation, and larger legacy financial players entering the fintech space in a bigger way," he said.
Dr. Bin Hendi also discussed the role of artificial intelligence (AI) in accelerating growth within the sector.
"The UAE is poised to lead in AI. We're already seeing this with the country being ranked among the top five globally in AI by Stanford. AI will revolutionise the fintech space by making financial services more accessible, efficient, and personalised for users. The potential for AI to simplify consumer engagement is limitless," he explained.
