Checkout.com, a global digital payments company, announced that it has been granted in-principle approval for a Stored Value Facilities (SVF) licence by the Central Bank of the UAE (CBUAE).
The Checkout.com UAE licence approval will allow it to introduce issuing capabilities alongside its existing acquiring services in the UAE on a single platform.
Checkout.com offers acquiring and issuing as modular solutions, so merchants can adopt either for one based on their needs.
Through Checkout.com’s unified platform, businesses will be able to link acquiring, issuing and business account capabilities.
Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, shared,
“Once operational, this connected approach will help merchants reduce complexity, improve liquidity and create new payment experiences for their customers, partners and teams.”
For Checkout.com, the announcement aligns with the UAE’s FinTech Strategy, implemented by CBUAE, and is said to be a significant step towards delivering its global payments proposition to merchants in the country.
Featured image edited by Fintech News Middle East based on an image by magnific on Magnific
