Wise has received regulatory approval from the Central Bank of the UAE (CBUAE) to offer its services in the country.
The approvals cover two categories: Stored Value Facilities and Retail Payment Services, Category 2.
This development will allow Wise to introduce its products, including Wise Account and Wise Business, to individual and business customers in the UAE.
Joyce Lau, Country Manager, Wise UAE, said:
“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. We’ll be able to provide people and businesses with all the tools that make international money management faster, cheaper, and more transparent.”
Wise currently serves over 15 million customers worldwide, moving about US$48 billion across borders each quarter and holding more than $28 billion in customer accounts.
The company now holds over 70 regulatory licenses globally.
Earlier this year, Wise obtained in-principle regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator and was granted an investment services license in Australia, allowing customers to earn returns on their account balances through its Assets feature.
Featured image credit: Edited by Fintech News Middle East, based on image by pranavkr via Freepik
