Botim's financial transactions at Dh1 billion monthly, AstraTech eyes India, Pakistan markets

Botim CEO says there will be announcements of acquisitions in the fields of financial technology and social communication in companies outside the UAE

Abdallah Abu Sheikh.

By Wam

Published: Thu 14 Sep 2023, 8:48 PM

Last updated: Thu 14 Sep 2023, 8:49 PM

UAE-based technology firm AstraTech is seeking to expand across India, Pakistan, and Egypt in the near future as part of its global expansion strategy.

In a statement he made to the Emirates News Agency (WAM) on the sidelines of his participation in the International Government Communication Forum (IGCF) in Sharjah, Abdallah Abu Sheikh, founder of AstraTech and CEO of Botim platform, stated: "Last month, we acquired a banking company in the Philippines as part of our global expansion, and now we are looking at the Indian, Pakistani, and Egyptian markets."

He confirmed that in the first quarter of the next year, there will be announcements of acquisitions in the fields of financial technology and social communication in companies outside the UAE. Regarding potential financing rounds, Abu Sheikh said: "I do not expect any funding rounds for the company at the moment, as profitability is high, and the situation is stable."

As for the Botim application, he explained that it has become an "Ultra Platform" as, in addition to the communication service it offers, there are financial services such as international money transfers. "The platform allows people without bank accounts to obtain a Botim card, which can be used on Botim and is accepted worldwide. It also provides payment features for companies that do not want an expensive or costly payment system."

He pointed out that the volume of financial transactions on the Botim application reaches around Dh1 billion monthly, including various financial transfers and payments. He expects Botim to become the largest financial platform in the country in the next year.

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During the forum, he revealed a new product that will be launched soon for money transfers, based on the "Convert Now, Pay Later" principle. He explained that at certain times, some people need to transfer money without having the full amount they want to transfer, and therefore, the transfer and payment service will help many people meet their financial needs.

As for his participation in the forum, Abu Sheikh said: "During our participation in the International Government Communication Forum, we talked about soft skills in the work environment in the UAE and how to develop them." He noted that there has been significant development in the labour market, and therefore there will be a significant impact on the skills that people can develop in their workplaces in the coming years.