UAE-based technology firm AstraTech is gearing up for an ambitious expansion of its financial platform, Botim. Following recent success, with monthly financial transactions reaching approximately AED 1 billion ($272 million), the company is setting its sights on international growth.
Abdallah Abu Sheikh, the founder of AstraTech and CEO of Botim, revealed the firm’s plans during the International Government Communication Forum (IGCF) in Sharjah. “We have just acquired a banking company in the Philippines and are now looking to enter the Indian, Pakistani, and Egyptian markets,” Abu Sheikh stated. He anticipates announcing further acquisitions in the financial technology and social communication sectors early next year.
Despite these expansion plans, Abu Sheikh does not foresee any immediate funding rounds, attributing this to the company’s current high profitability and stable financial situation. Botim is positioned as an “Ultra Platform,” offering a blend of communication and financial services, including international money transfers. The platform provides users, even those without bank accounts, access to a Botim card usable worldwide and cost-effective payment solutions for businesses.
Looking ahead, Abu Sheikh is optimistic about Botim’s growth within the UAE, projecting it to become the largest financial platform in the country within the next year. He also teased a forthcoming product designed around the “Convert Now, Pay Later” principle, which aims to support users in managing their financial needs by facilitating money transfers even without the full amount upfront.
At the IGCF, Abu Sheikh also touched upon the evolving labor market in the UAE, highlighting the importance of developing soft skills to match the industry’s advancements.
