XTransfer receives in-principle approval for retail payment services licence from UAE Central Bank
XTransfer has secured in-principle approval for a Retail Payment Services Licence from the UAE Central Bank. This move strengthens the company's trade connectivity across the Middle East and Africa.
Payment platform XTransfer has achieved a significant milestone in the United Arab Emirates, receiving in-principle approval for a Retail Payment Services Licence from the local central bank. This approval is set to expand XTransfer's ability to offer payment services to a broader customer base within the UAE.
The clearance enhances XTransfer's presence and operational scope in the Middle East and African markets. The company aims to facilitate cross-border trade and payment flows for businesses in this growing region. The licence is expected to enable the development and deployment of new services catering to local businesses and consumers.
Previously focusing on B2B cross-border trade and payments, XTransfer's acquisition of this licence signals a strategic expansion. It indicates a commitment to serving a wider clientele, potentially including consumers and small enterprises previously underserved by cross-border financial solutions.
This development aligns with the UAE's broader objectives to foster its digital economy and encourage financial service innovation. XTransfer is anticipated to complete the final requirements for the licence, enabling it to commence its expanded service offerings.