Tamara has secured a restricted finance license from the Central Bank of the UAE (CBUAE).
As an established fintech in the region, Tamara achieved full regulatory status, which enables it to contribute to the goals of the UAE Vision 2031, thus reflecting its commitment to building a modern financial ecosystem in the region.
More about the announcement
The initiative strengthens Tamara’s operation in the UAE, serving as a base for its future developments in the region. The company aims to help individuals by creating a customer-centric global financial superapp and building products and partnerships. This supports the company’s product diversification, including new credit and payment offerings.
Another developments Tamara offered the region include its partnership with Amazon Payment Services, an online payment processing service in the Middle East and North Africa. The companies started offering BNPL in the UAE and KSA, allowing businesses to offer their customers Sharia-compliant solutions.
Tamara’s flexible payment solutions were developed to provide additional opportunities across sectors such as ecommerce, airlines, healthcare, insurance, education, fashion, and lifestyle. The company’s BNPL products enable customers to divide their payments into four equal, interest-free instalments. For merchants, this means they can benefit from an increased number of sales, reduced cart abandonment rates, and an increase in average order values, thus improving the overall customer shopping experience and their profitability.
Founded in Saudi Arabia, Tamara has grown into a fintech company that offers BNPL and digital finance solutions across multiple markets. Its UAE operations are now poised for expansion under the oversight of the Central Bank, reinforcing its position in the region. The company will continue to focus on offering solutions that are compliant with regulatory requirements of the industry in the region and beyond, remaining committee to delivering improved and optimised solutions tailored to meet its clients needs and demands in the UAE.
