ABU DHABI (ALETIHAD)
Tabby has secured a Stored Value Facilities (SVF) licence from the Central Bank of the UAE (CBUAE), enabling it to expand its financial services beyond offering credit.
The licence authorises Tabby to hold customer funds and introduce a new suite of financial products, including spending accounts, cards and money management tools for customers in the UAE, a statement issued by the company said.
The company said the development marks a significant step in its evolution into a full-service financial services app in the UAE, where it already serves millions of users.
It added that the licence will allow it to integrate everyday financial services such as spending, sending and managing money into a single platform.
Tabby noted that it is now directly regulated in its two largest markets across the GCC. In Saudi Arabia, the company previously received a Buy Now Pay Later licence from the Saudi Central Bank and acquired Tweeq, a licensed digital wallet, strengthening its regulatory presence in the region.
“The UAE SVF licence further strengthens Tabby’s regulatory foundation, enabling it to build and launch financial products across the GCC on its own infrastructure,” the statement said.
Hosam Arab, CEO and Co-Founder of Tabby, said: “Millions of people in the UAE already use Tabby for flexible payments. This licence lets us serve them beyond credit and build an experience that delivers what money should actually feel like.”
Tabby is a financial technology company headquartered in Riyadh, serving customers in Saudi Arabia, the UAE and Kuwait, and works with more than 65,000 global and regional brands.