Taptap Send has secured three regulatory licenses from the Central Bank of the UAE (CBUAE), including approvals for stored value facilities, retail payment services (Category II), and exchange business (Category IV).
These new licenses allow the cross-border payments company to expand its offering beyond remittances to include local payments, digital wallets, and cards for diaspora communities in the country.
The approvals clear the way for Taptap Send to operate a broader financial ecosystem onshore in the UAE.
The company currently focuses on international money transfers, moving funds for customers in more than 35 countries to recipients in over 80 destinations globally.
Michael Faye, CEO and Co-Founder of Taptap Send, cited the country’s high concentration of expatriates as a key factor in the company’s strategy.
“The UAE is unlike anywhere else on earth, with over 200 nationalities and a government that has put financial inclusion and innovation at the heart of its national agenda,”
Faye said.
He added that serving this demographic aligns with the company’s core purpose and acknowledged the regulatory approval from the central bank.
Featured image credit: Edited by Fintech News UAE, based on image by Frolopiaton Palm via Magnific
