Du Explores Integration of Cryptocurrency and Investment Tools in its Upcoming FinTech Service


“Du Considers Integrating Cryptocurrency and Investment Tools into Its FinTech Platform”

Nicolas Levi, the chief executive of du’s new financial technology unit, has expressed openness to incorporating cryptocurrency and investment tools into the telecom operator’s recently launched platform.

In an interview with The National during the debut of the du Pay FinTech service, Levi highlighted the potential benefits of these additions for investors in managing their portfolios. He emphasized that any future integrations would be conducted through partnerships and in compliance with UAE regulations.

While the UAE Central Bank currently does not recognize cryptocurrencies as legal tender, it has initiated the implementation of Digital Dirham, its own central bank digital currency (CBDC), as part of its Financial Infrastructure Transformation Programme. Digital Dirham aims to prepare the country for the future of finance by providing a digital form of government-issued currency with a fixed value.

Legitimate crypto businesses have been permitted to open bank accounts in the Emirates, reflecting the country’s efforts to collaborate with decentralized financial businesses to address real-world use cases.

Levi emphasized that the inclusion of investment tools and cryptocurrency would likely occur through partnerships, although he did not specify a timeline for implementation. He also noted the potential for these features to enhance international money transfers by reducing reliance on traditional banking systems.

du Pay represents the company’s entry into the rapidly growing FinTech sector. Launched after receiving clearance from the UAE Central Bank, du Pay offers a range of financial services, including domestic and international transfers, bill payments, and cash-in and cash-out services.

The rise of mobile platforms for accessing financial services is evident in the UAE, with digital wallets and online payments gaining popularity. Globally, the digital payments market is projected to grow significantly, reaching nearly $16.7 trillion by 2028.

While Abu Dhabi’s e& already offers its e& pay platform as a “super app,” du’s focus is currently on providing consumers with an immediately accessible service. Fahad Al Hassawi, du’s chief executive, emphasized the company’s commitment to bridging the gap in the financial market’s underserved demographic through convenient FinTech services.

Despite facing competition in the market, du remains confident in its strategic approach. While plans for a super app may be announced separately, the company is prioritizing a user-friendly service that consumers can begin using without delay. Al Hassawi acknowledged the challenges of venturing into the FinTech space as a telecom company but expressed confidence in du’s ability to adapt and succeed.

Source: thenationalnews.com