Tabby has been granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE (CBUAE).

It allows the company to hold customer funds and launch new financial products, including spending accounts, cards and money management tools.

The license advances Tabby’s move towards becoming a full-service financial platform in the UAE. It already serves millions of users in the market.

The approval will enable Tabby to integrate spending, sending and managing money into a single platform.

Tabby now holds regulatory authorisation in its two largest markets.

In Saudi Arabia, it secured a Buy Now Pay Later (BNPL) license from the Saudi Central Bank (SAMA) last year.

It also acquired SAMA-licensed digital wallet Tweeq.

The UAE SVF license further strengthens its regulatory base, supporting the development of financial products across the GCC on its own infrastructure.

Hosam Arab, CEO and Co-Founder of Tabby, said:

“Millions of people in the UAE already use Tabby for flexible payments. This license lets us serve them beyond credit and build an experience that delivers what money should actually feel like.”

Featured image credit: Tabby press release