18 September, Dubai

Kamel Pay, a UAE-based fintech, announced that it has received In-Principle Approval, from the Central Bank of the UAE, for the country’s highest- Stored Value Facilities (SVF) and Retail Payment Services (RPS) licences enabling full payroll and business payment services.

This milestone marks a pivotal step in Kamel Pay’s mission to deliver a trusted and inclusive financial ecosystem, powering businesses with transparent, efficient payments and empowering employees with access to financial services As a homegrown UAE fintech, Kamel Pay understands the needs of local businesses and the diverse workforce they serve. With this approval, the company strengthens its alignment with the UAE’s Vision 2030, advancing digital transformation, financial innovation, and financial inclusion. Kamel Pay will offer a complete business payment solution, enabling employers to manage salaries, supplier payments, and other expenses with greater ease, efficiency, and compliance. At the same time, employees will benefit from timely and reliable salary access, along with a suite of financial services that make everyday money management simpler, safer, and more convenient.

Leadership Messages

“This initial approval reaffirms our commitment to a financial ecosystem rooted in trust, innovation, and inclusion empowering underserved communities and supporting the UAE’s digital transformation.” Mr. Hussain Al Qemzi, Chairman

“This approval validates our vision of creating a homegrown, trusted payments platform. It strengthens our resolve to simplify financial access for businesses and employees across the UAE, advancing the nation’s inclusive growth agenda .” Mr. Saadaat Yaqub, Co-Founder & Director

“With this approval, we aim to ease how businesses manage payments, empower employees with reliable and affordable financial services, and contribute to the UAE’s vision for innovation and inclusion” Mr. Ehsan Rahman, Co-Founder & CEO

“This step recognizes our disciplined execution, secure infrastructure, robust governance, and customer safeguards. We are now focused on scaling these standards to serve UAE businesses and communities” Mr. Zishan Rahman, Co-Founder & CTO

This milestone reinforces Kamel Pay’s commitment to powering businesses with efficiency and transparency, while empowering employees with inclusion and peace of mind, in line with the UAE’s vision of financial innovation and digital growth.

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Understanding the paramount importance of financial literacy in combatting fraud and safeguarding financial assets, KamelPay is committed to empowering our clients and their employees with the knowledge and tools needed to navigate the digital landscape securely. While the UAE and Saudi Arabia boast low-threat business environments, reported cases of fraudulent calls have surged by at least 62% in recent times, underscoring the urgent need for heightened awareness and vigilance.

In today\’s interconnected world, the avenues for fraud are manifold. From spam calls and phishing emails to counterfeit websites and social media scams, fraudsters employ sophisticated techniques to deceive unsuspecting victims. As individuals settle into life in the UAE, they may encounter various application processes, rendering them vulnerable to scams disguised as official inquiries. It is imperative for both businesses and individuals to remain vigilant, informed, and equipped to identify and mitigate potential threats.

To address this challenge head-on, KamelPay has implemented a comprehensive suite of awareness and prevention initiatives. Our efforts include:

• Field Visits and In-Person Training Sessions: Our team conducts regular visits to labor accommodations, providing face-to-face training sessions to educate employees about common fraud schemes and how to recognize and report suspicious activity.
• Posters and Roll-up Banners: We strategically place educational posters and banners in high-traffic areas within accommodations and workplaces to reinforce key messages about fraud prevention.
• App Notifications and Portal Alerts: Through our KamelPay app and online portal, we send out timely notifications and alerts to remind users to stay vigilant and provide tips for avoiding fraud.
• Financial Literacy Videos: We produce engaging videos that cover topics such as recognizing phishing attempts, protecting personal information, and securely managing online transactions.
• SMS and Email Campaigns: We leverage SMS and email campaigns to disseminate information about recent fraud trends, common scams, and best practices for staying safe online.
• Social Media Content: Our social media platforms feature regular posts and updates on fraud awareness, including real-life examples of scams and practical tips for avoiding them.
• Online and Offline Marketing Collateral: We create marketing materials, both digital and print, that emphasize the importance of safeguarding personal information and offer guidance on how to protect against fraud through employee workshops at the camps. 

Through these initiatives, we strive not only to educate our customers about the risks of digital theft but also to empower them to make informed financial decisions. Moreover, our KamelPay app serves as a secure platform for digital money management, offering features such as international money transfers and mobile recharges to promote safer alternatives to cash transactions.

Our mission extends beyond facilitating financial transactions; it encompasses breaking down barriers to financial empowerment and redefining the way the world perceives financial freedom. By fostering a culture of financial literacy and resilience, we aim to create a safer, more secure financial landscape for all. Join us in our commitment to combatting financial fraud and promoting digital safety and security. Together, we can navigate the complexities of the digital age with confidence and peace of mind.

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Managing payroll in the United Arab Emirates can be a demanding task, which is why many businesses opt for payroll service providers like KamelPay to streamline their processes, ensuring accurate and timely payments for employees. However, selecting the right provider is a critical decision that can impact your workforce, compliance, and overall productivity. Here are some key factors to consider when choosing KamelPay as your payroll provider in the UAE.

Ease of Employee Account Opening and Technology Savviness

KamelPay streamlines account opening procedures for employees and offers a dedicated Relationship Manager to reduce manual hours for HR and payroll departments. Each employee receives a EMV compliant Mastercard prepaid card with access to cash withdrawals from ATMs. Our mobile apps and features cater to employee convenience, ensuring agility and responsiveness to any concerns.

Integration Capabilities

KamelPay simplifies migration with dedicated relationship managers and customer support teams, ensuring a smooth transition to our payroll ecosystem. We provide virtual IBANs and KP routing codes for hassle-free salary disbursement.

Employee-Centric Solutions

Our user-friendly mobile app offers a seamless experience, allowing employees to manage remittances, bill payments for mobile, view transaction history, and apply for loans with ease. We prioritize employee wellness and engagement through year-round events and gatherings.

Local Compliance Expertise

KamelPay understands the unique and ever-changing landscape of UAE labor laws. With our in-depth knowledge of local employment regulations, including wages, working hours, and end-of-service benefits, we ensure your payroll remains compliant with the latest laws.

Data Security

Handling sensitive employee data is a priority for KamelPay. Our robust data security measures protect salary information and personal details from unauthorized access or breaches, ensuring compliance with the country’s data protection regulations.

Accuracy and Timeliness

KamelPay has a proven track record of error-free payroll processing, guaranteeing that your employees are paid accurately and on time every month, enhancing employee satisfaction and compliance.

Customer Support

Our dedicated 24/7 customer support team, fluent in over 7 languages, ensures prompt and responsive assistance whenever you need it for the employer and the employee. We prioritize communication and accountability to address your concerns effectively.

Reputation and References

KamelPay\’s reputation spans across various industries, including construction, hospitality, facility management, and medical firms of all sizes. Our versatile services and industry experience are attested by numerous satisfied clients and certifications.

Transparency in Cost and Value for Money

We offer transparent pricing structures with no hidden fees, enabling you to budget effectively. While pricing matters, KamelPay focuses on delivering value for money through industry-leading services tailored to your business needs.

Future-Readiness and Extra Features

We continuously innovate to adapt to emerging trends and technologies, ensuring that our services remain future-ready. KamelPay provides best-in-class features to enhance employee satisfaction and streamline payroll processes effectively. 

In conclusion, choosing KamelPay as your payroll provider in the UAE ensures peace of mind, allowing you to focus on core business operations. With our industry expertise, customer-centric approach, and advanced technology solutions, we are committed to empowering your business growth and success.

For more information on how KamelPay can support your payroll needs, contact us at [email protected]

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UAE: KamelPay, one of the fastest growing fintech payroll services providers in the UAE, has engaged Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, in an exclusive five-year processor agreement.

The agreement marks a significant milestone in the journey of KamelPay to potentially expand in payroll, commercial and credit card segments in the UAE. KamelPay envisages growth by over 200,000 cards in 2024.

This exclusive partnership will facilitate transformative digital payments experiences for KamelPay\’s customers. Network’s cutting-edge platform and deep payments expertise will enable seamless end-to-end processing capabilities incorporating robust fraud detection and preventive measures to offer advanced functionality and security enriched with additional value-added services from Network.

Hussain Al Qemzi, Chairman of KamelPay, said, “Our partnership with Network International not only aligns with the UAE Government\’s strategic vision for a cashless society by 2030 but also presents significant benefits for banks and corporations. Our focus is to address financial exclusion while ensuring access to the financial ecosystem for all stakeholders. KamelPay, deeply integrated within the UAE, serves numerous banks and corporations, offering new opportunities, streamlined processes, efficiency gains, and enhanced service offerings. Together, we\’re advancing financial inclusion, driving innovation, and fostering a secure and efficient payment landscape, thereby propelling our nation towards a digitally empowered future.”

Ehsan Rahman, Co-Founder & CEO of KamelPay, added, “This strategic alliance with Network International amplifies KamelPay\’s commitment to innovation and customer-centric solutions. With a focus on financial empowerment, we\’re set to introduce cutting-edge services that cater to the diverse needs of individuals and businesses, driving progress and inclusion. With Network’s expertise, we\’re set to expand our reach and impact across the MEA region.”

Nandan Mer, Group CEO of Network International, said, “We are thrilled to join hands with KamelPay as we jointly strive to offer innovative solutions to expand payroll processing capabilities. Our collaboration builds on Network’s 30 years of experience and expertise in creating world-class digital payments infrastructure and services for clients in the region. Network has diligently cultivated long-standing and reliable business relationships with a multitude of merchants, financial institutions, and payment networks across the Middle East and Africa.”

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, said, “We are delighted to be the partner of choice for KamelPay to accelerate the expansion of payroll cards in the UAE. We look forward to supporting their processing needs and introducing innovative payment services that would advance financial inclusion. Serving more than 200 financial institutions, Network’s impressive technological standing will enable KamelPay to enter new markets in the future.”

Somu Roy, Managing Director and Country Head UAE, Group Processing at Network International, remarked, “We are thrilled to support KamelPay to expand their footprint in the region, while financially empowering individuals and businesses. Our innovative solutions have contributed to the creation of an entire ecosystem for card processing that is seamless and easily integrated with partner infrastructures.”

Network has been instrumental in driving digital payments acceptance and broader financial inclusion in Africa and the Middle East, offering end-to-end payment solutions to a growing customer base in more than 50 countries.

About Kamelpay

Kamelpay is a comprehensive corporate payment platform that provides all-in-one and secure corporate disbursement solutions to the business sectors. The platform is focused on making payroll management stress-free and hassle-free for the company owners. For more information, please visit www.kamelpay.com.

About Network International

Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.

Network International Holdings Plc (LSE: NETW) is the holding company for Network International and the group companies, including the DPO Group.

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Every investor must have some financial objectives in mind when investing money into an investment vehicle. Whether it\’s purchasing a home, retiring early, funding your child\’s school, or achieving financial independence. And goal-based financial planning is the best method to meet all of your investment goals at different phases of your life. It\’s a relatively new wealth management strategy that emphasizes investing to achieve specified financial objectives.

Importance Of Goal-Based Financial Planning

The importance of goal-based investing is that it provides you with not just a smart investment strategy, but also a path to attaining your goals and, as a result, a stress-free future. However, it also affects the payroll management system of your business. Here are the 3 main investing reasons:

It Gives A Purpose To Your Investments

When you have extra cash, you may be wondering how to invest it, how much to invest, and for how long. Goal-based investing solves these questions since you know exactly how much money you\’ll need and when you\’ll need it to achieve your goals, so you can figure out how much you\’ll need to invest. To ensure that you reach your financial goals, goal-based investment is beneficial in wealth creation.

Helps In POrtfolio Diversification

The primary goal of investing is to make more money. You can get better returns by matching each rupee of your investment to a financial goal. You\’ll almost certainly use a variety of financial products to achieve your goals. This helps you to diversify your portfolio, lowering your risks while increasing your long-term wealth building potential.

Helps In Making The Right Choices For Your Business

You\’ll be able to choose the correct investment items once you\’ve answered the \’how\’ above. You know your particular needs, so you can figure out how much life insurance you\’ll need, whether mutual funds are a good investment, and how much money you\’ll need to retire comfortably. You may make good investment selections without following the herd.

Process Of Goal-Based Financing

Once you\’ve assessed your current financial condition and various goals, you\’ll need to devise a strategy for achieving them within the timeframe you\’ve set. You must comprehend the following:

• Amount required to achieve your objective
• Amount to be invested in a lump sum or on a monthly basis
• Determine the appropriate investment product based on your investment horizon and risk-to-reward ratio.

Choosing the correct financial product is challenging and takes extensive research and analytical abilities. You must hold your investments for a longer period of time if you want to generate money. This is because you achieve the power of compounding over time. Compounding is when your earnings are reinvested in the same financial instrument to earn further returns, resulting in a sizable corpus over time. Investing in a SIP is a simple method to get the benefits of compounding.

To reach your medium and long-term goals, most experts advocate investing in mutual funds. Several asset management organisations (AMCs) do, however, offer a variety of mutual fund schemes. It takes a long time and a lot of effort to evaluate and analyse these.

This work is made easier by our patented ARQ mutual fund investment engine. It evaluates several mutual fund strategies using scientific methodologies. To match investment suggestions to your risk appetite, lifestyle, and financial goals, over a billion data points are examined.

Sum-up

Life is not a static entity. You can\’t expect markets to expand at the same rate as you can\’t expect an arbitrary event to occur in your life (e.g., a pandemic that affects your income, a parent dying, your spouse having a stroke). Financial planning is an iterative process that, if done well, necessitates constant work. It\’s not a one-and-done exercise in box-ticking. Each year, you may need to adjust your course.

You and your financial planner can harmonise your financial world by following a qualitative, values-based approach. Then, each year, you can make minor adjustments that, while seemingly insignificant at the moment, might have a significant impact on where you end up. Sorry, but goal-based planning isn\’t a viable option. Life is in constant flux.

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According to the World Bank, remittances are expected to expand by 2.6% in 2022. There is a significant downside risk to remittance flows to developing countries that is due to a resurgence of Covid-19 cases and reimposition of mobility restrictions.

What are remittances?

A remittance is a monetary transfer to a friend or family member living in another country. Millions of people around the world rely on this money, which is frequently used for basic household items, food, housing, education, and healthcare.

In fact, since 2000, remittances have been the single largest source of foreign exchange in developing countries, far outnumbering international aid. On the other hand, traditional remittances often entail standing in line for several hours just to get money wired to pay bills, and they almost always come with a slew of fees. However, with the introduction of many money transfer platforms, people can easily send money remittances to their friends and family. 

What role does technology play in redefining the trends of sending money?

The rise of mobile and money digitization are the two most significant opportunities for changing how we manage and move money. Even in developing countries, mobile phone use is widespread. According to research, the global smartphone user base will exceed 2 billion in 2016.

Mobile phones and Internet technology can help individuals all over the world reduce the cost and effort associated with sending money home. One of the most significant areas has been money transfers, in which people living in one country or city use basic cellular services such as SMS to initiate, send, and receive payments to family members. Mobile technology is assisting in breaking down these barriers, making remittances more convenient, secure, and cost-effective.

The very nature of money is evolving. Digital remittances can help people all over the world make their lives easier by allowing them to do what they want with their money in a more secure, efficient, and cost-effective manner.

BASIC MONEY TRANSFERS ARE ONLY THE BEGINNING, and some businesses are reinventing the model, taking it into new territory with cross-border bill pay and mobile reload. They are expanding into regions such as Sub-Saharan Africa and South Asia, thereby improving people\’s lives all over the world. Cross-border money transfers are a critical next step in the journey to truly democratize financial services for more consumers worldwide.

Conclusion

Despite the fact that many remittance companies reported exponential growth in money transfers via mobile apps, the vast majority of money flows emitted from the UAE are still transferred through physical branches. 

With the arrival of the virtual world, B2B organizations are being forced to address outdated payment systems that no longer function in the digital age. Enterprises now expect their payment systems to provide more payment options and process payments more quickly. Convenience has become a necessity. Modern B2B payments must be instantaneous, simple, and frictionless, just like consumer transactions.

Historically, corporations have been hesitant to change their payment systems, citing privacy and security concerns, as well as a general lack of demand. Many businesses still use physical payment methods such as paper checks.

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Dubai, UAE, 10 May 2022. – Kamel Pay, a leading fintech in the region, has partnered with Mastercard to launch two innovative payments solutions for businesses and individuals in the UAE. The partnership will see the launch of two unique card products designed to meet the growing needs of businesses and underbanked individuals, supported by a feature-rich digital app powered by Mastercard’s secure, contactless payment technology.

Fully compliant with Wages Protection Scheme (WPS), the PayD card has been developed for the unbanked labor force in the country and will provide them with financial services designed to meet their everyday payment needs. The product enables cardholders to use their card or digital app for purchasing goods offline or online with various merchants, pay utility bills and send money to their loved ones, offering them a secure and seamless digital payment experience.

The Centiv Card is a quintessential tool for companies to replace petty-cash reimbursements and make low-value payments to streamline internal processes and focus on their core business activities. The card can be used to avail of government services, pay corporate utility bills, manage per diem expenses for employees and eliminate cash handling within the organization.

Hussain Al Qemzi, Chairman, Kamel Pay, said, “We are excited to partner with Mastercard in launching innovative financial services for businesses and individuals across the UAE via a friendly and secure digital app-based platform and Mastercard prepaid cards. This partnership will enable the much-required financial inclusion for the UAE’s underbanked population through state-of-the-art Kamel Pay digital app offering relevant and affordable financial services for their personal and family needs.”

“Having Mastercard as our strategic partner will provide Kamel Pay a strong foundation to deliver innovative financial products through a cutting-edge payment platform and superior service delivery. This collaboration will have a substantial impact on the adoption of secure and cashless payments across the UAE and in the region in near future; especially in the underbanked population who had been largely neglected. Kamel Pay strives to remain at the forefront of solving the ever-emerging financial needs of communities in the UAE and the larger MENA Region; by delivering the advantages of secure, convenient and cashless payments through product innovation and cutting-edge digital technology,” added Al Qemzi.

“At Mastercard, we are committed to driving financial inclusion through the power of digital payments and have set a goal of connecting 1 billion people and 50 million SMEs to the digital economy by 2025. This partnership will serve consumers and small businesses who have previously been excluded from the formal financial system and empower them with the tools and services to enhance and protect their financial wellbeing. Together with our strategic partners, we are committed to offering people in the UAE easy access to the digital economy as we look to drive inclusion and create new opportunities for all,” said J.K. Khalil, Country General Manager, MENA East, Mastercard.

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The mode of payment is becoming more convenient as technology advances. Various payment methods and payroll management system are available today, ranging from plastic cards to mobile wallets.

Some best payment methods in Dubai

Understanding online payments and how they work is a daunting task, and dealing with them requires a thorough understanding the payout management in dubai. We hoped that by writing this post, we could make the concept of online payment clear and understandable to all online shoppers. When making online payments, you will need three basic components to help process payments online, which are as follows:

Cash 

Cash is the most common and oldest form of payment. According to a survey, cash is the most popular payment method in the UAE instead of other countries where plastic or digital currencies are widely used. The majority of them prefer cash because it is simple to use and has no transaction fees.

Few argue that using cash can reduce overspending and provide a record of expenses. Other payment methods include transaction fees every time you make payment. The only risk associated with cash is theft, which can be avoided if you are vigilant.

Credit cards 

After cash, credit cards are the most popular mode of payment. Credit cards are used for regular payments by approximately 70% of the UAE\’s population. Most Emirate residents rank this as their second preferred payment method. A credit cardholder uses their credit card at least three to four times per week.

Even though credit card payments carry some risks if not used properly, offers on credit cards entice people, such as cashback offers, entertainment and leisure benefits, free air tickets, and much more. In addition, a credit card can be a valuable tool if used correctly, such as by making timely payments. Otherwise, it may have a negative impact on your credit score, causing you to lose money.

Cheques

Cheques are becoming less popular as a payment method when compared to other options. This is chosen when there are large transactions involved, most notably when you need to pay someone and do not have access to cash or credit cards.

However, make sure you have enough funds in your account to avoid paying a dishonor fee and ending up in jail if the cheque bounces.

Debit cards 

Debit cards are the second most popular payment method after credit cards. A debit card is less risky because it is highly secured with a four-digit pin. Debit cards are widely used to withdraw cash from ATMs. There are no transaction fees when you use your debit card at your bank\’s ATM. Other banks\’ ATMs may charge you fees.

Online payment systems

If you have a credit/debit card or access to online banking, you can make online payments. In this day and age of online shopping, the majority of payments are made in cash or online. Aside from online shopping, this can be useful for money transfers, whether to another bank account or the same bank account. This is because they make use of extremely secure payment gateways.

Final Thoughts 

Cash and credit cards are currently the most commonly used payment methods in the UAE, followed by debit cards and mobile wallets. Credit card acceptance is now as common as cash payments. However, every payment method has transaction fees, and even cash withdrawals can have fees if you withdraw from an ATM and exceed the limit (Depending on the banks). So, check the transaction fees and choose the one with the fewest fees and the most benefits.

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Digital banking services in the UAE have been on par with global developments since ATMs were introduced, then Internet banking, mobile banking, and recently non-banks entered the market to offer digital-only banking services.

In the twilight of the previous decade, UAE banks began to realize the challenges and opportunities a financial technology revolution was creating throughout the industry, leading several banks to launch digital banking initiatives, from separate digital-only banking platforms to strengthening existing mobile banking platforms, and to refocusing staff on value-added services rather than repetitive and less-profitable branch operations.

Difference between digital banking & traditional banking

Online banking

Transacting through the internet through the core banking system of traditional banks is what e-banking is generally described as. The platform is limited in terms of functionality to certain basic banking functions, such as account access, account management, fund transfers, and access to limited banking products such as online loan applications.

Digital banking

In the digital banking system, features can be added much faster than traditional systems because banks can take advantage of the latest technologies, such as distributed ledger (blockchain) technology, to automate several functions such as customer and counterparty verification.

Process automation, web-based services, and APIs [Application Programming Interfaces] are some of the digital banking features. APIs are software intermediaries that permit two applications to work together. In addition to providing banks with efficiency, security, and flexibility, these new technologies are cost-effective. A customer journey is entirely digital and automated in digital banking, leveraging real-time analytics and data. Also, it provides hassle national and international money transfer services.

Pros and Cons Of Digital Banking

Here are some of the most known benefits of digital banking:

Scalability

Many features that digital banks offer are simply not available at established banks. This includes purchasing cryptocurrencies and gold directly from the banking app and investing in stock markets. The digital banking customer can change their security settings, and transaction limits, and even determine whether they want to enable NFC or magnetic stripe transactions.

Personalization

Artificial intelligence (AI) and machine learning (ML) are used to power sophisticated personalization strategies in digital banking. Customers can find relevant financial options, interactive tools, and educational resources from banks at the right time. Customers can be informed and engaged using automatic budgeting, spending analytics, and savings reminders, among other tools.

Cost savings

The checking and accounting functions at traditional banks consume a great deal of time and resources. The reduction in operating costs resulting from digital banking software is due to the elimination of redundant processes. Automating the processes associated with daily transactions allows banks to take on less work with digital banking systems. The use of technology reduces the number of steps and people involved in transactions, which minimizes the risk of financial errors making money transfers easier.

Cons of the digital banking

Despite being highly convenient and easy to access, digital banking still presents some challenges.

Downtime

If your bank experiences an online or mobile app outage and there are no branches nearby, you could have trouble accessing your accounts.

Learning curve

Online banking and mobile banking apps might seem overwhelming to those without a lot of technical knowledge. It might be daunting for those who aren\’t tech-savvy to deal with mobile banking apps and online banking.

Security risks

When dealing with digital transactions, there is always a risk of personal data being compromised. On the other hand, online banks do offer a variety of security features that mitigate such risks.

Final Verdict

In digital banking, every aspect of banking is digitized, from the front page to the back page. The benefit is that digital banks are able to automate back-end operations like administrative processes and data processing using artificial intelligence, thereby relieving some of the stress placed on employees.

In addition to allowing users to deposit and transfer money remotely, digital banks also offer clients the option to apply for loans, and access customized money management services, like overseas transfers and investments in various asset classes such as stocks, gold, mutual funds, and even crypto assets.

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