Astra Tech Celebrates AED 1.30 Billion Fintech Milestone with BOTIM's PayBy

BOTIM, the mobile app under the banner of Dubai's Astra Tech, has revealed a remarkable milestone in the world of fintech. In just four months, its fintech arm, PayBy, achieved transactions exceeding AED 1.30 billion, as announced in a recent press release.

Since its launch in January 2023, the BOTIM platform has experienced phenomenal growth, surging a remarkable 41-fold.

Currently boasting a user base of over 150 million users, this achievement underscores the rapid adoption of its services in the region.

Among the standout performers is BOTIM's PayBy-powered Ultra app, which witnessed a remarkable 75% quarter-on-quarter increase in transactions through its fintech offerings.

Notably, the most sought-after remittance corridors were observed from the UAE to India, followed closely by transactions to Pakistan and the Philippines.

Astra Tech's Co-Founder and BOTIM CEO, Abdallah Abu Sheikh, expressed his satisfaction, stating, "Our Ultra app vision is rapidly coming to fruition, showcasing our strength and innovative fintech products."

To further boost its growth trajectory, BOTIM has forged strategic partnerships with prominent remittance companies like Egypt's Fawry and expanded its reach with the acquisition of Philippines-based provider Y Finance.

Additionally, the platform entered into significant agreements with financial giants MoneyGram and Mastercard, broadening its cross-border capabilities.

Abu Sheikh highlighted, "BOTIM has seamlessly evolved into an extensive platform, offering a wide range of financial services, including peer-to-peer transactions, international money transfers, and card services."

This impressive growth aligns with the UAE's commitment to promoting digital financial services as part of its vision to establish a cashless economy.

In a country with over 5 million migrants who annually send a staggering $42 billion to their home countries, such fintech platforms play a vital role in facilitating international money transfers.

In another notable development in April 2023, Astra Tech collaborated with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to introduce an Arabic version of ChatGPT, marking a groundbreaking achievement in the Middle East and Africa (MEA) region.

BOTIM's rapid ascent in the fintech landscape underscores the growing significance of digital financial solutions in today's world.

As the platform continues to innovate and expand its services, it is poised to play an even more pivotal role in shaping the future of financial technology in the region.

Source: Mubasher