Astra Tech, the parent company of the Ultra App Botim, forged an alliance with SAM Precious Metals and O-Gold to launch a digital gold management hub, providing a platform for consumers to invest and trade gold. This collaboration aims to redefine the economic landscape by facilitating gold trading in the UAE and offering investment opportunities within the commodities market.
Moreover, this alliance intends to ensure a new era for commodities trading and investment in MENA, targeting gold wallet users.
The platform offers a secure gateway to gold as an investment option to its users, that also allows them to opt to have the physical gold delivered to their doorstep.
Traditionally, the gold market in the UAE is operated through a B2B model which often requires a multitude of intermediaries before end-users could interact with the market or acquire the precious metal. SAM Precious Metals will serve as the custodian of insured gold, setting the stage for a shift. Through partnering with O-Gold, a company specialising in gold investment and trading, it will integrate its tech offering within Botim's ecosystem, ensuring reliable stock market data and analysis.
In addition, this alliance enables the platform's over 8 million UAE-based users to convert their wallet balance into gold, allowing them to buy, sell, deliver or gift gold within an accessible, secure, compliant, and user-friendly ecosystem.
As per Astra Tech Group’s official statement, through this strategic collaboration, the company is set to simplify its user lives, spearheading financial inclusion, whilst fostering the development and adoption of the latest economic offerings across the MENA region, establishing new frontiers in the realm of precious metals and gold investment.
At the beginning of 2023, Astra Tech acquired PayBy, Rizek, and the VoIP app Botim, which led to the creation of the ultra-app under Botim's umbrella'. Botim, which operates in 155 countries, now provides international money transfers and bill payments.
Later, in September 2023, Astra Tech partnered with Ant Group, a digital payment platform, to launch Alipay+, a cross-border digital payments solution, in the UAE, enabling over 1.4 billion wallet users to conduct transactions directly from their home e-wallets while visiting the UAE, without any currency conversion.
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