Compliance Updates

PayBy Awarded Gaming-related Vendor License from the GCGRA

Published

1 month ago

November 25, 2024

Reading Time: < 1 minute

PayBy Technology Projects LLC, an Astra Tech company and one of the UAE’s leading fintech platforms, announced that it has been awarded a gaming-related license by the General Commercial Gaming Regulatory Authority (GCGRA), the federal entity overseeing commercial gaming activities in the United Arab Emirates (UAE). The award allows PayBy to provide financial services to GCGRA-licensed commercial gaming operators, marking a new milestone in the Authority’s endeavour to establish a well-regulated commercial gaming sector in the UAE.

As the first fintech to secure such a licence, PayBy will operate under the “Gaming-Related Vendor License” category. The company is now authorised to provide a range of services, including digital wallets, secure payments and advanced fraud detection systems, aligning with the GCGRA’s vision of creating a secure and innovative gaming environment that prioritises player safety.

Astra Tech’s Ultra app ecosystem integrates payments, remittances, lending and now gaming-related services into a unified platform serving over 150 million users globally. Through strategic partnerships with global leaders like MoneyGram and Mastercard, Astra Tech continues to expand its reach and impact, delivering seamless financial solutions.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.