The UAE's latest fintech addition – du, operated by the Emirates Integrated Telecommunications Company (EITC), has secured licenses from the UAE Central Bank to deliver financial services through digital channels. This move signifies EITC's position as a frontrunner in the region's evolving fintech landscape and emphasizes the UAE's dedication to nurturing innovation, competition, and financial inclusion in its journey towards a cashless society.

With these licenses in hand, du is poised to offer a diverse range of digital financial services tailored to meet the evolving preferences of customers in today's digital age. The company's stock price on the Dubai Financial Market (DFM) currently stands at Dh5.94, nearing its 52-week high of Dh5.95.

The digital fintech sector is witnessing robust growth across various fronts, including remittances, peer-to-peer transactions, and business-to-business interactions. The UAE's introduction of the 'Aani' platform, which provides numerous digital payment options, reflects the increasing shift away from cash and cheques towards online payment methods among businesses and residents alike.

EITC's objective is to empower individuals and businesses with seamless, secure, and efficient financial solutions that streamline their transactions and cater to their diverse needs. Furthermore, EITC already boasts a substantial digital presence offering various financial services, including remittance services. Notable players in this space include Astra Tech through its Botim app and Careem, which continues to expand its service offerings through its app.

Several banks are also actively collaborating with digital payment platforms, particularly in the Buy Now Pay Later segment, which is expected to witness heightened activity, including potential mergers and acquisitions, following the recent regulatory changes implemented by the UAE Central Bank.