Du, also known as Emirates Integrated Telecommunications Company (EITC), has made a significant stride in the digital finance domain by acquiring licenses from the Central Bank of the UAE to offer new digital financial services. This move aligns with the company’s strategy to introduce innovative financial solutions, contributing to the development of a sophisticated and future-ready financial ecosystem throughout the UAE.
The licenses obtained by Du open the door for the telecom operator to provide a variety of digital financial services. These services are designed to meet the changing needs and preferences of customers in today’s digital age, reflecting the company’s commitment to adapting to the evolving market dynamics.
With this new licensing, EITC positions itself at the forefront of the burgeoning fintech landscape in the region. This move is seen as a key step in supporting the UAE’s objective to foster innovation, encourage competition, and enhance financial inclusion. It aligns with the broader national initiative of promoting a cashless society, a goal that has seen increased focus in recent years.
Fahad Al Hassawi, CEO of EITC, expressed confidence in the impact of their foray into digital financial services. “We believe that the EITC’s entry into the digital financial services space will further enhance the financial landscape of the UAE,” he stated. Al Hassawi emphasized the potential of customer-centric solutions to contribute significantly to the growth and development of the UAE’s financial sector.
EITC’s goal is to provide both individuals and businesses with solutions that are not only convenient and secure but also efficient, thereby simplifying their financial transactions. The company aims to leverage its expertise and resources to deliver services that cater to the unique requirements of its diverse customer base.
The move by Du follows in the footsteps of Etisalat by e&, the UAE’s other telecom operator, which is already offering multiple fintech solutions to its customers. The introduction of these digital financial services by major telecom operators like Du signifies a transformative phase in the UAE’s digital landscape, particularly in the realm of financial services. This initiative is expected to bring a new level of convenience and innovation to consumers and businesses alike, further solidifying the UAE’s position as a leader in digital transformation and fintech innovation.
