UAE – BOTIM, a mobile app owned by Dubai-based Astra Tech, registered transactions amounting to more than AED 1.30 billion through its fintech arm PayBy in four months (4M), according to a press release.

The platform has grown 41 times since it was launched in January 2023, with its user base currently surpassing 150 million users.

BOTIM's PayBy-powered Ultra app saw a 75% quarter-on-quarter (QoQ) jump in transactions across its fintech services. The most popular remittance corridors were from the UAE to India, followed by Pakistan and the Philippines.

Co-Founder of Astra Tech and CEO of BOTIM, Abdallah Abu Sheikh, said: “Our Ultra app vision is rapidly coming to fruition, showcasing our strength and innovative fintech products.”

To drive growth, BOTIM partnered with remittance firms like Egypt's listed company Fawry and acquired Philippines provider Y Finance in addition to entering deals with MoneyGram and Mastercard which have also expanded its cross-border capabilities.

Abu Sheikh added: “BOTIM has seamlessly evolved into an extensive platform, offering a wide range of financial services, including peer-to-peer transactions, international money transfers, and cards.”

The UAE is pushing digital financial services to build a cashless economy, meanwhile, it has more than 5 million migrants who send $42 billion annually to their home countries.

In April 2023, Astra Tech teamed up with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to launch an Arabic version of ChatGPT in a first in the Middle East and Africa (MEA).

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