Payments and e-money company Wise announced on Tuesday that it has received approval to offer customers personal and business accounts in the United Arab Emirates (UAE).
Wise said the UAE’s Central Bank approved the payments firm for Stored Value Facilities and Retail Payment Services permissions.
In practice that means the company can offer many of the services it does in other parts of the world.
For example, users can hold e-wallets, open business accounts, and make transfers to companies and individuals
“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,” said Joyce Lau, Country Manager, Wise UAE.
“We’ll be able to provide people and businesses with all the tools that make international money management faster, cheaper, and more transparent. For the UAE’s diverse population, this means access to a truly global financial account that works seamlessly across borders.”
Wise now holds more than 70 regulatory licences worldwide, as it continues to grow its international payments and investment services business.
Earlier this year, the company received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, allowing it to enhance its business offering in one of its key growth markets. Wise currently processes around 10% of all foreign currency transfers to individuals in India.
In Australia, the company secured a licence to provide investment services, giving customers the ability to earn returns on their account balances through its ‘Assets’ feature.
