IFX Payments, a London-based service-led alternative banking partner, has expanded its operations in the UAE following the grant of a category 3C license by the Dubai Financial Services Authority (DFSA).

This license enables the company to provide money and custody services locally, allowing clients and partners to streamline cross-border transactions, reduce currency risk, and simplify their financial operations.

After 12 years of operating as a representative office in Dubai, IFX Payments has relocated to a larger office within the Dubai International Financial Centre (DIFC), with plans to invest further in its team. Wasan Zaini, who has previously led the company’s FX desk in London and the Dubai representative office, will head the new operation.

The acquisition of the category 3C license follows IFX Payments’ recent acquisition of a Canadian FMSB license in 2023, marking a significant step in the company’s efforts to expand its global operations.

Will Marwick, CEO of IFX Payments, commented,

“Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions. By combining seamless international payments with strategic foreign exchange risk management, we’re empowering businesses in the region to operate globally with greater confidence and control.”

 

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