Sharjah 24: The Sharjah Research Technology and Innovation Park (SRTIP) issued its third Distributed Ledger Technologies licence (DLT) to ZelaaPayAE. Partnering with Baanx, ZelaaPayAE intends to provide Mastercard enabled Debit Cards featuring personalised cards with a low monthly fee and extreme accountability, while working with retailers who want alternative payment methods.
The CEO of SRTIP, His Excellency Hussain Al Mahmoudi said, “We at SRTIP are always looking to breathe oxygen into our ecosystem of innovative startups and tech companies. We welcomed ZelaaPayAE, because of the problem solving tech that will help accelerate the merger of retail and fintech on a global scale. SRTIP has been extremely selective on which companies to issue DLT licences to. Before we issue a licence, we go through a long diligence process but in the end, we ask ourselves one more very important question. Does it help make the world a better place? We believe ZelaaPayAE will.”
The CEO, Sahil Arora said, “We chose to set up at SRTIP because of their acute understanding of the space we operate in. They understood the requirement for an environment to test, experiment and simulate transactions where we can develop our fintech. It also helps that they have the fastest growing tech and blockchain ecosystem in the region. The fundamental utility of our Debit Cards is not in the FX or global transactions, it is its ability to support ZPAE, DGB, KLV, TRX, and BTC and subsequently making transacting from coins and tokens to fiat a breeze, there are many crypto to fiat debit cards out there, but they eventually require you to preload them. ZelaaPayAE Mastercard Debit Card allows you to just seamlessly spend without having to preload, through APIs for seamless spending thus promoting the transactional framework in a way how a transaction in its truest form should be.”
ZelaaPayAE is also testing a point of sale technology that will allow luxury merchants to choose crypto currency or fiat from the same Debit Card with miniscule charges.
This licence enables ZPAE to provide ancillary solutions based on blockchain which include tokenization, data management, inoperable and immutable record-keeping of Financial Transactions. As the venture advances, there is now an open alliance to go deeper with products and platforms that ZPAE operates even in the fin-tech domain to empower barter of goods through modes of exchange and its store-of-value.
While SRTIP’s unique tech ecosystem and the licencing of DLT companies to work, engage and test is a turning point for ZelaaPayAE, it is exciting to see how this blockchain firm continues to grow and on its way to becoming a unicorn after already being an early pioneer in this unique industry amidst the sector’s incessant justification and debate between the continued relationship of the finance and technology sectors.
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