Astra Tech, a technology investment company based in the UAE, has partnered with MoneyGram International, one of the largest money transfer companies in the world, to provide remittance services on BOTIM, the most well-liked voice-calling app in the region. Astra Tech recently bought BOTIM and has aspirations to develop the “world’s first super app,” which will provide users with everything from e-payments to instant messaging, backed by Abu Dhabi’s G42, in which sovereign wealth fund Mubadala has a sizeable minority share.
BOTIM has more than 90 million registered users and is the only platform authorized by the government to provide voice-over-internet-protocol (VoIP) services in the United Arab Emirates. Through the “strategic partnership” with MoneyGram, Botim users will be able to make real-time money transfers across 200 countries and territories worldwide, Astra said on Thursday.
“Partnering with MoneyGram will allow us to leverage their unparalleled security and offer Botim users world-class financial services,” said Abdallah Abu Sheikh, Astra Tech Founder and BOTIM CEO. Abdallah said they are “revolutionizing” remittance services by enabling users to send money as easily as sending a text message, thereby eliminating the hassles of standing in long queues and filling in forms at an exchange house or bank.
“With BOTIM becoming the [Middle East and Africa] region’s most trusted consumer platform, this will enable us to extend our reach to the millions of consumers who use it, enabling seamless communication and money transfer for businesses, family and friends around the world,” said Alex Holmes, MoneyGram Chairman and CEO.
For households in low- and middle-income nations, remittances from the UAE are one of the key sources of income. Remittances worth AED 2.88T ($784B) passed through UAE banks in the first three months of 2022, according to figures from the central bank.
Abdallah pointed out that the UAE, home to roughly nine million foreign residents, has a deal with MoneyGram that would enable the remittance provider to further accelerate its digital expansion and advance financial inclusion in the area, according to Zawya. In the coming years, he claimed, BOTIM will be “uniquely positioned” to reach up to 1.2 billion consumers throughout the Middle East and North Africa region, given the region’s sizable expat community and high demand for VoIP services.
