Central Asian fintech Alif is spreading its wings into the United Arab Emirates (UAE) with the unveiling of Alif Pay, a financial platform that aims to reshape the landscape of financial services and global remittances in the region.
Alif Pay enables sharia compliant microfinance for UAE expat communities to remit money to their home countries and pay later in short, flexible terms. This platform offers a suite of financial options including send now, pay later (SNPL), a payroll platform, a travel prepaid programme, buy now, pay later (BNPL), and fly now, pay later (FNPL) services.
The introduction of Alif Pay is the latest chapter in Alif’s ongoing journey of expansion and innovation. Beyond its operations in the UAE, Alif also functions as a fully licensed bank in Tajikistan and operates as an e-commerce and fintech company in Uzbekistan.
The company has witnessed significant growth, with a 72 per cent annual increase in its user base and a 121 per cent year-on-year growth in 2022. As of June 2023, Alif serves 1.9 million users. In 2021, the company also concluded one of Central Asia‘s most substantial fintech funding rounds, raising $8million in equity and $50million in debt, while achieving a company valuation of $100million.
Leading the new platform as CEO is Shafique Ibrahim, who boasts 22 years of experience in C-level positions in the Middle East’s payment industry. Prior to becoming Alif Pay CEO, he worked on fintech and payment initiatives, including cross-border remittances, multi-currency prepaid programmes, wallet and mobile payment solutions as well as blockchain integration and process automation.
Ibrahim, said: “The UAE stands poised for transformative change, with the fintech revolution in payment services reshaping traditional paradigms. I’m proud to be associated with Alif, a company that upholds integrity, ethics, and noble values in its relationships with customers, partners, and employees. I’m eager to extend these principles and establish Alif Pay as a premier fintech force in the UAE.”
Outward remittances from the UAE reached $47.54billion in 2021, according to World Bank‘s data.