Astra Tech-owned PayBy Technology Projects has become the first fintech company to be approved to operate under the United Arab Emirates’ (UAE) new commercial gaming framework.
PayBy has been awarded a gaming-related vendor license by the General Commercial Gaming Regulatory Authority (GCGRA), enabling the company to provide financial services to GCGRA-licensed commercial gaming operators.
This includes a range of services including digital wallets, secure payments and advanced fraud detection systems.
PayBy launched in 2005 and was acquired by Abu Dhabi-based technology and investment company Astra Tech in May 2022.
“This approval sets the stage for PayBy to provide secure and innovative payment solutions to operators in the UAE’s evolving commercial gaming sector,” Astra Tech said in a statement. “At Astra Tech, we’re all about creating solutions that simplify lives. Our Ultra app ecosystem continues to grow, connecting financial services, remittances, and now gaming-related capabilities to serve over 150 million users worldwide.
“We’re excited to contribute to the UAE’s bold vision of fostering innovation in a regulated and secure environment.”
PayBy is the third company to be licensed as a gaming-related vendor by the GCGRA after Smartplay International and Aristocrat Technologies.