Dubai, UAE, December 2024 – Instapay Technologies, a leading Southeast Asian fintech headquartered in Kuala Lumpur, Malaysia, has announced its entry into the UAE Market in partnership with leading UAE bank, Commercial Bank International (CBI). This collaboration, facilitated by Instapay’s wholly-owned subsidiary, Instapay Technologies LLC in Dubai, aims to bring digital banking and payroll solutions tailored specifically for migrant workers in the UAE.
Instapay Technologies focuses on financial inclusion for migrant workers by providing accessible and convenient financial solutions. Currently a market leader in Southeast Asia, Instapay serves thousands of migrant workers and their employers with digital salary accounts, remittance solutions and other financial services. Through its technology-driven approach, Instapay aims to improve financial access and well-being for underserved communities.
“We’re excited to enter the UAE market. Migrant workers across geographies have similar needs and aspirations. We believe that we will be able to leverage our experience in servicing them in other countries,” said Rajnish Kumar, Co-founder and CEO of Instapay Technologies. “Technology has the ability to dramatically reduce the cost of financial transactions and at Instapay we want to make it easier for people to manage and save their money; all without incurring high costs or large transaction fees that low income segments often face.
“In CBI we have found a partner who shares the same vision, and we are confident that through this partnership we will be able to offer customised banking solutions to the underserved migrant worker population in the UAE. Employee welfare including financial wellbeing is a key priority for all organisations, and we hope to partner with companies in UAE to deliver this.” he further added.
Commenting on the partnership, Giovanni Everduin, Chief Strategy and Innovation Officer at CBI, said “We are excited to partner with Instapay to further support the financial needs of migrant workers in the UAE. At CBI, we are committed to supporting the UAE’s vision of financial inclusion, and this partnership is an important step in expanding financial services for underserved communities. By combining CBI’s banking expertise with Instapay’s innovative technology, we look forward to making a positive impact on the lives of many who contribute to the UAE’s economy.”
The partnership between Instapay and CBI will leverage CBI’s robust banking infrastructure and expertise, alongside Instapay’s advanced technology platform, to provide more efficient, secure, and comprehensive banking solutions to its users.
About Instapay Technologies
Instapay is a pure digital payment platform which reduces the cost of transactions and improves accessibility to formal payment channels of the underbanked segments in Malaysia and Southeast Asia. Instapay Technologies, started its market operations in Malaysia in 2019 as a banking alternative for low-income workers, providing e-wallet and Mastercard to unbanked migrant workers as a Payroll Solution. Founded with a vision to provide financial inclusion to the underserved customer segments, Instapay has grown rapidly and today services hundreds of corporates for payroll accounts for their migrant workers as well as a large base of retail customers. It enables corporates to pay salary digitally to their workers’ Instapay e-wallet. Instapay has seen rapid customer adoption in its target segment and continues to be amongst the highest rated e-wallet apps in Malaysia.
Instapay e-wallet enables workers to do digital cross border remittance, bill payments, mobile top-ups etc. Instapay Mastercard is accepted globally at millions of Mastercard merchants and can be used for purchases as well as for ATM cash withdrawals.
Instapay is one of the leading digital remittance platforms in Southeast Asia.
For more information
- For more information check out the website https://www.instapaytech.com/
- For media related enquiries, please contact Sujata Dutta at sujata@instapaytech.com / +601114201471
About Commercial Bank International (CBI)
Commercial Bank International (CBI) is a leading UAE bank dedicated to empowering businesses and individuals through innovative, personalised, and growth-focused banking solutions. Established in 1991 and headquartered in Dubai, CBI offers a diverse range of services, including corporate, retail, and Islamic banking solutions. Leveraging its innovative capabilities, CBI provides bespoke banking services to help clients achieve their ambitions. CBI is listed on the Abu Dhabi Securities Exchange (ADX) and is regulated by the Central Bank of the UAE and the Securities and Commodities Authority (SCA).
In recognition of its client-centric culture and dedication to driving innovation in the banking sector, CBI has received numerous awards, including CEO of the Year (Middle East Banking) and Most Innovative Bank of the Year at the Middle East Banking AI & Analytics Awards. The bank has also been honoured for outstanding innovation in technology and financial services, winning multiple Stevie Awards and the Gold Stevie Award for Innovation in Technology Development (Financial Services).
The bank is majority-owned by UAE shareholders, and its Board of Directors benefits from strong representation of UAE nationals.
For further information, please contact: Toufik Osman toufik.osman@cbi.ae
