Karm Legal Consultants is pleased to announce that its client, Comera Pay has successfully obtained licenses under both Retail Payment Services Card Schemes Regulation (RPSCS) and Stored Value Facility Regulation (SVF) from the Central Bank of the UAE. These licenses represent a significant milestone for Comera Pay as it prepares to launch a comprehensive range of digital financial services in the UAE.
The team at Karm Legal, comprising Akshata Namjoshi, Ratul Roshan, Vaibhavi Tadwalkar, and Kabir Hastir Kumar, provided strategic legal support and advisory services throughout the application process to Comera Pay. This accomplishment reflects the close collaboration between Comera Pay and Karm Legal, ensuring compliance with the stringent regulatory requirements set by the Central Bank of the UAE.
Comera Pay is set to introduce a diverse portfolio of digital financial solutions designed to cater to both individual consumers and businesses across the UAE. The company’s offerings will include digital wallets, fund transfer services, prepaid cards, virtual IBANs, bill payments, and other innovative financial products for consumers. Businesses will benefit from advanced payment processing solutions, QR code acceptance, multi-currency wallets, B2B transfers, corporate expense cards, and merchant acquiring services.
“Karm Legal Consultants is committed to supporting the development of the fintech sector in the UAE by providing robust legal and regulatory guidance,” said Akshata Namjoshi, Associate Partner at Karm Legal. “We are proud to have supported Comera Pay in obtaining these critical licenses, which will enable them to contribute to the evolving digital financial landscape in the region.”
Comera Pay quote here ‘’We are extremely proud of receiving the RPSCS and SVF licenses issued by the Central Bank of the UAE in such a short period of time. This is a significant milestone for us that opens new opportunities for Comera Pay and for our UAE customers. We had a great experience working with Karm on this application, and the proactive support we received from them’’.
The RPSCS and SVF licenses issued by the Central Bank of the UAE (CBUAE) are essential for companies in the digital payments and financial technology sector. The RPSCS license allows companies to issue cards and acquire and aggregate funds to support merchants and e-commerce players. The SVF license enables companies to issue and manage stored value instruments, such as digital wallets. Both licenses are crucial for companies aiming to operate within the UAE’s secure and innovative digital financial ecosystem.
