United Arab Emirates: Comera Finance Obtains Non-Bank Financial Company License from UAE Central Bank
The United Arab Emirates' Central Bank has granted in-principle approval to Comera Finance, a subsidiary of Comera Financial Holding and a member of Abu Dhabi's Royal Group, to operate as a fully licensed Non-Banking Financial Company (NBFC). This milestone underscores Comera Finance's commitment to delivering a tech-driven financial ecosystem tailored for the UAE's digitally connected future.
Comera Finance will offer a wide range of financial products, including retail, SME, and corporate lending. These will encompass credit cards, personal loans, mortgages, vehicle finance, and other consumer borrowing requirements, as well as Letters of Credit, bank guarantees, performance bonds, working capital lending, and custom-made supply chain finance for SMEs and corporations.
Akhtar Saeed Hashmi, the CEO and managing director of Comera Financial Holding, stated that this NBFC license marks a transformative role for Comera in the UAE's fintech ecosystem. By leveraging a technology-oriented approach, Comera supports the nation's long-term goal of a cashless, digitally empowered society led by visionary leadership and robust regulatory frameworks.
At its core, Comera Finance's offering will be powered by advanced digital infrastructure. Building upon scalable cloud architecture, the platform will employ real-time processing, advanced security, AI-driven fraud detection, and instant payment notifications, creating an uninterrupted user experience.
The launch of Comera Finance aligns with the UAE leadership's vision to establish a world-class digital economy, fostering financial inclusion, innovation, and smooth access to digital services. By integrating with AANI, the Instant Payment Platform (IPP), and supporting Jaywan card issuance, Comera Finance paves the way for widespread adoption of cashless transactions nationwide.
Comera Finance is slated to debut for the public by the end of Q3 2025 with a variety of digital financial services. However, details regarding partnerships or integrations are yet to be announced officially by Comera Finance.
[1] UAE Central Bank Approves Comera Finance as Non-Banking Financial Company (NBFC). [Link][2] Comera Finance to Launch in the UAE with In-Principle Approval from Central Bank. [Link][3] Comera Finance's Offerings Include Retail, SME, and Corporate Lending. [Link]
[1] The approval marks a significant step for Comera Finance, as they delve deeper into the UAE's financial and technology landscape. [2] Their tech-driven financial ecosystem is designed to cater to the UAE's digitally connected lifestyle, encompassing various business sectors. [3] With a plethora of financial products, Comera Finance is poised to revolutionize the finance and technology industry in the UAE. [4] By embracing advanced digital infrastructure and adhering to the UAE's robust regulatory frameworks, Comera Finance aims to foster innovation and financial inclusion, aligning with the nation's vision for a world-class digital economy.
