Today's Edition
DUBAI (ALETIHAD)
Wise has received final approvals from the Central Bank of the UAE (CBUAE) for Stored Value Facilities and Retail Payment Services – Category 2 licences, paving the way to roll out its products in the country, the company said in a statement on Tuesday.
Wise said the approvals mark a “first significant milestone” towards offering its Wise Account and Wise Business in the UAE, enabling people and companies to send, spend and get paid internationally with more speed, transparency and convenience.
The company noted that the UAE—home to more than 200 nationalities—sees about $40 billion moved across borders annually by individuals and businesses, underscoring the need for fast, low-cost services.
Joyce Lau, Country Manager, Wise UAE, said: “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. We'll be able to provide people and businesses with all the tools that make international money management faster, cheaper, and transparent. For the UAE's diverse population, this means access to a truly global financial account that works seamlessly across borders.”
Wise added that it already serves more than 15 million customers globally, moving around $48 billion across borders each quarter and holding over $28 billion in customer accounts. The company said the UAE approvals expand a global licensing footprint that now spans more than 70 regulatory licences.
Wise has also secured in-principle approval from the Reserve Bank of India to operate as a payment aggregator, processes 10% of all foreign currency flows to individuals in India and has obtained in Australia a licence for investment services to enable returns on account balances via its Assets feature.
Wise is a global technology company, specialising in money transfers. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad.
