UK-based fintech Wise has received approval from the Central Bank of the UAE to offer its money transfer and payment services in the Middle East market.
UAE residents represent over 200 nationalities, with more than $40 billion transferred annually across borders by individuals and businesses. The licence granted by the central bank encompasses two areas: stored value facilities and retail payment services.
Joyce Lau, Country Manager for Wise UAE, stated, “These regulatory approvals mark a significant milestone for Wise in the UAE, and we’re grateful for the CBUAE’s collaborative approach and commitment to fostering financial innovation.”
Wise now holds 70 regulatory licences worldwide and recently received in-principle approval from the Reserve Bank of India to operate as a payment aggregator.