KamelPay has received Stored Value Facilities and Retail Payment Services licences from the Central Bank of the UAE.
The UAE-based fintech, which provides payroll and business payment solutions, has been granted the two licences by the Central Bank of the UAE (CBUAE), placing it among a limited number of fintech companies authorised to operate regulated payment services under the CBUAE's supervisory framework.
Regulatory scope and company background
KamelPay was founded in 2021 and has since focused on payroll and business payment services for organisations operating across construction, retail, real estate, logistics, hospitality, and financial services. The company currently serves more than 2,000 corporates, including private-sector and government organisations in the UAE, and supports payment processing for over 400,000 employees across the country.
The Stored Value Facilities (SVF) licence allows KamelPay to issue and manage stored value instruments, while the Retail Payment Services (RPS) licence covers the provision of regulated payment services to consumers and businesses. Together, the two approvals establish the regulatory basis under which KamelPay can operate and expand its payment offering, including its payroll platform and its AbsoluteCard corporate payments product, on its own licenced infrastructure rather than relying solely on third-party regulated partners.
According to Hussain AlQemzi, Chairman of KamelPay, the licences are expected to give the company greater operational flexibility and allow it to develop new payment capabilities on infrastructure it directly regulates and controls. Representatives described the approvals as reinforcing the company's compliance and security standing as it continues to serve corporate clients and their workforces in the UAE.
Market context and implications
The approvals come as the CBUAE continues to expand its regulatory perimeter for fintech companies operating in payments, part of a broader effort to formalise digital financial services in the country. Obtaining SVF and RPS licences typically signals to corporate clients and partners that a payment provider meets the central bank's requirements around capital, governance, and operational resilience.
For KamelPay, the licences are relevant to its positioning in a market where payroll and business payment processing are increasingly handled by regulated, technology-driven providers rather than solely by banks. The move also reflects a wider trend across the Gulf region, where central banks have been tightening oversight of stored value and retail payment services as digital payment volumes grow.
The licences do not represent a change in KamelPay's existing customer base or product lines but establish the regulatory foundation for the company to continue operating and expanding its payroll and corporate payment services within the UAE's financial services framework.
