Tamara recently announced that it has officially received a restricted finance license from the Central Bank of the UAE (CBUAE). As a financial technology platform operating across the United Arab Emirates, Tamara claims that it has cemented its position as a key financial partner. Achieving full regulatory status is considered by the Fintech firm to be a significant milestone that directly allows Tamara to contribute to the goals of the UAE Vision 2031.
This latest update reinforces its commitment to building a more advanced and reliable financial ecosystem in the UAE.
This milestone fundamentally strengthens their overall business operations in the Middle Eastern country and serves as sort of catalyst for their future plans in the UAE, according to Yamen Fakhreddine, CEO of Tamara UAE.
They added that the path is now clear to achieve their mission, which is to help people “own their dreams by building the most customer-centric financial super-app in the world.”
Driven by their mission, Tamara is now said to be focused on building products and partnerships that give its customers and merchants “the power to deal with ease and confidence.”
This effort supports the company’s product diversification, which now reportedly “includes new credit and payment offerings.”
As covered, Tamara is the fintech platform in Saudi Arabia as well as the wider GCC region. The company claims that it currently serves millions of customers in the region and works with global and regional brands such as Apple, SHEIN, Jarir, noon, IKEA, and Amazon, as well as SMBs.
Tamara is reportedly backed by Sanabil Investments, which is described as a wholly owned company by the Public Investment Fund (PIF), SNB Capital, amongst others.
This past year, it was reported that uqudo, the digital identity company in the MEA region, had entered into a collaboration with Tamara, a fintech platform in Saudi Arabia and the GCC region.