Central Asian fintech titan, Alif, has set its sights on the United Arab Emirates, unveiling its latest offering: Alif Pay. This new platform aims to serve UAE residents with a suite of innovative financial solutions, addressing both domestic and international transaction needs.
Alif Pay’s diverse roster of financial services ranges from the trailblazing ‘Send Now, Pay Later’ service, a versatile payroll platform, to unique travel and purchase financing options like ‘Travel Prepaid Programme’, ‘Buy Now, Pay Later’, and ‘Fly Now, Pay Later’.
In 2021, the World Bank highlighted the UAE’s outward remittance figure at an astounding $47.54 billion, projecting a consistent rise in the coming years. The increasing prominence of such financial flows underlines the critical need for advanced digital platforms, precisely what Alif Pay aims to address. Leveraging its vast experience, Alif strives to customize and refine its financial solutions to cater to this specific market.
Alif’s Exponential Growth: The Backdrop of Alif Pay’s Launch
The unveiling of Alif Pay is a natural progression in Alif’s rapidly expanding portfolio. Already a dominant force in Central Asia, Alif operates a fully accredited bank in Tajikistan and has a substantial e-commerce and fintech presence in Uzbekistan.
In 2022, Alif recorded a staggering 121% YoY growth and a 72% annual spike in its user base. The fintech giant’s numbers as of June 2023 reveal a user count nearing 2 million. Alif’s prominence was further underscored by one of Central Asia’s largest fintech funding rounds, raking in $8 million in equity and a whopping $50 million in debt. By 2021, the company’s valuation stood at a robust $100 million.
Shafique Ibrahim, at the helm as CEO of Alif Pay, expressed his vision with conviction, “Alif Pay is more than a financial service—it’s a revolution. It promises to offer users in the UAE efficient, innovative, and cost-effective payment solutions. The fintech wave is poised to overhaul the UAE’s financial landscape, and I am excited to lead Alif Pay to the forefront of this transformation.”
Co-founder of Alif, Zuhursho Rahmatulloev, echoed these sentiments, emphasizing Alif’s standing as a vanguard in Islamic fintech and ethical banking. “Alif’s trajectory is more than just growth—it’s about laying the foundation for noble, ethical fintech solutions across the globe. We’re elated to have Shafique Ibrahim steer Alif Pay into what promises to be an era of monumental change in the UAE’s payment ecosystem.”