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PayBy Becomes First Fintech to Secure Gaming-Related License in UAE

PayBy Becomes First Fintech to Secure Gaming-Related License in UAE
Payby website
  • PayBy has become the first fintech in UAE to secure a Gaming-Related Vendor License from the UAE’s GCGRA.
  • With a rapidly growing global gaming market valued at over $200 billion, the UAE is positioning itself as a key player under its Vision 2030 diversification plan. 
  • As part of Astra Tech, PayBy integrates gaming-related services with payments, remittances and lending through the Ultra app, serving over 150 million global users.

PayBy, a UAE-based fintech platform, has become the first fintech in the UAE to receive a gaming-related license from the General Commercial Gaming Regulatory Authority (GCGRA).

Operating under the ‘Gaming-Related Vendor License’ category, PayBy is now authorized to provide financial services to GCGRA-licensed gaming operators. It is a significant step in the UAE’s efforts to develop a well-regulate gaming sector. 

The Role of GCGRA in Shaping the Gaming Industry

The GCGRA, established in September 2023, serves as the federal agency overseeing commercial gaming activities across the UAE.

Its mandate includes ensuring player safety, and creating a regulated gaming environment, adhering to global standards.

This development positions the UAE as a rising hub for commercial gaming, attracting both domestic and international stakeholders. 

PayBy’s Expanded Role in the UAE’s Gaming Ecosystem

With the new license, PayBy will offer advanced financial services. The services are including digital wallets, secure payments, and fraud detection systems, to support GCGRA-licensed gaming operators.

These services align with the UAE’s broader push toward economic diversification under Vision 2030, which includes expanding emerging industries like gaming and technology. 

UAE’s Position in the Global Gaming Industry

The global gaming industry, valued at over USD 200 billion in 2023, is rapidly growing, and the UAE is positioning itself as a key player in this competitive market.

By establishing robust regulations and fostering innovation, the UAE also aims to attract investments and bolster its role in this lucrative sector. 

An Integrated Platform Serving Globally 

PayBy is part of Astra Tech, a MENA-based consumer technology giant focused on transforming everyday services through its Ultra app.

Astra Tech integrates payments, remittances, lending, and now gaming-related services into a unified platform, serving over 150 million users worldwide.

Moreover, with Stored Value Facility (SVF) and Retail Payment Services (RPSCS) licenses, PayBy solidifies Astra Tech’s position as a fintech leader in the region. 

Attracting Global Players to the UAE 

Additionally, the UAE’s gaming sector has also attracted global players. In October, Australian gaming technology company Aristocrat became the first international firm to receive a Gaming-Related Vendor license.

Such developments also reflect the UAE’s strategic approach to cultivating a competitive and well-regulated gaming ecosystem.

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