Financial technology (fintech) company KamelPay has secured two important licences that could significantly broaden its role in the United Arab Emirates (UAE).
The company has received Stored Value Facilities (SVF) and Retail Payment Services (RPS) licences from the Central Bank of the UAE (CBUAE).
They can now develop regulated payment services on their own infrastructure rather than relying as heavily on third-party financial intermediaries.
The development comes as the UAE is developing new digital and entertainment industries that will require increasingly sophisticated payment infrastructure.
All of the UAE casino sites reviewed by Haztayeb rely heavily on digital payments to ensure that deposits and withdrawals are processed speedily.
KamelPay latest regulatory approvals could result in the company forging links with the commercial gaming sector in the UAE.
A major step beyond payroll
KamelPay was founded in 2021 with a strong emphasis on payroll and business payments, particularly in construction, logistics, retail, hospitality, real estate and financial services.
Its PayD offering was built around salary payments and workforce financial services, while AbsoluteCard gives companies greater control and visibility over corporate spending.
The new licences potentially give KamelPay considerably more room to build around those products.
Co-founder and director Saadaat Yaqub says the licences will allow the company to run services on its own regulated payment infrastructure, improving its flexibility and ability to introduce new capabilities.
That distinction is important because corporate customers increasingly want one financial system capable of handling salaries, employee cards, expenses, transfers and reporting, rather than maintaining multiple disconnected providers.
It could also help KamelPay compete for larger enterprise contracts as businesses across the UAE digitise their financial operations.
Corporate Spending Could Become a Major Opportunity
Payroll gave KamelPay its initial route into major UAE employers, but corporate expense management may ultimately provide an even larger growth opportunity.
Finance departments have traditionally struggled with employee reimbursements, uncontrolled company cards, manual expense reports and fragmented records across different branches or projects.
Digital corporate cards and centralised payment platforms can replace much of that administration with predefined spending limits, instant transaction records and clearer visibility over where company money is going.
That is particularly valuable in industries such as hospitality, construction and logistics, where companies may manage hundreds or thousands of employees and suppliers across several locations.
KamelPay chief executive Ehsan Rahman says AbsoluteCard was designed to give finance teams greater control and transparency over day-to-day corporate payments.
The wider regulatory environment also provides an important advantage. CBUAE-licensed Retail Payment Service providers are subject to anti-money laundering and counter-terrorist financing obligations, including systems intended to detect suspicious transactions and prevent payment infrastructure being used for illicit funds.
For large companies deciding whether to move substantial payment volumes away from conventional banks, that regulatory oversight is just as important as convenience.
Commercial Gaming is Another Potential Market
One of the more interesting long-term opportunities lies in an industry that barely existed in regulated form in the UAE only a few years ago.
The General Commercial Gaming Regulatory Authority (GCGRA) now oversees licensed lottery, internet gaming, sports wagering and land-based gaming in the UAE.
That creates an entirely new network of resorts, technology suppliers, contractors and service businesses requiring regulated corporate payment infrastructure.
Wynn Al Marjan Island is being developed across 60 hectares in Ras Al Khaimah, with 22 restaurants and bars, extensive retail, events facilities, a marina and other hospitality operations scheduled to open in 2027.
Large integrated resorts require payroll systems, staff cards, supplier payments, expense controls, remittances and corporate purchasing infrastructure, all areas closely related to KamelPay’s existing business.
There could eventually be opportunities deeper within gaming payments, but those would require additional regulatory approval because the GCGRA states that third parties providing products or services related to commercial gaming must hold the appropriate gaming licence.
KamelPay has a potentially valuable starting position through its CBUAE licences, but entering regulated gaming directly would represent a separate compliance step rather than an automatic extension of its existing permissions.
