UAE-based technology investment firm Astra Tech has joined forces with MoneyGram International, one of the world’s leading money transfer operators, to provide remittance services on Botim, the region’s most widely-used voice-calling app.
Astra Tech, which is supported by G42 in Abu Dhabi and has a significant minority stake from sovereign wealth fund Mubadala, recently acquired Botim and intends to develop a “world’s first ultra app” that will offer users a variety of services such as e-payments and instant messaging.
As the only government-approved platform to offer voice-over-internet-protocol (VoIP) services in the UAE, Botim has over 90 million registered users.
Through its partnership with MoneyGram, Botim users will be able to make real-time money transfers to more than 200 countries and territories worldwide, as announced by Astra Tech.
“Partnering with MoneyGram will allow us to leverage their unparalleled security and offer BOTIM users world-class financial services,” said Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim.
“We are revolutionising the sending of international money transfers by making it as easy as text messaging and removing the hassles of standing in long lines, tedious form-filling, and unnecessarily carrying cash or paying additional fees.”
The UAE is a significant contributor to global remittances, which are an essential source of income for households in developing countries.
Data from the central bank shows that during Q1 2022, remittances through UAE banks totaled $784 billion (AED2.88 trillion). The country’s large expatriate population and partnership with MoneyGram will allow for further digital growth and increased financial access in the region.
In line with this, Botim is also well-positioned to reach a large audience in the Middle East and North Africa, as the area has a significant number of expatriates and high demand for such services.
