Cross-border payments platform Taptap Send has secured three key licenses from the Central Bank of the United Arab Emirates (CBUAE), significantly expanding its operational scope in the country. The approval allows the company to move beyond its core remittance service and introduce a wider suite of financial products for its users.
Quick Facts
- Secured three critical CBUAE licenses.
- Expanding from remittances to a full financial ecosystem.
- New services include digital wallets, cards, and local payments.
From Remittances to a Full Financial Ecosystem
Taptap Send has been granted licenses for Stored Value Facilities, Retail Payment Services (Category II), and Exchange Business (Category IV). These regulatory approvals are a major milestone, enabling the company to build out a comprehensive financial platform tailored for the UAE’s large diaspora communities.
While already a major player in international money transfers—moving billions of dollars annually across more than 80 countries—this move signals a deeper strategic push into the local market. The new licenses clear the path for Taptap Send to offer digital wallets, cards, and local payment services, directly competing with a growing number of fintech providers in the region.
Targeting the UAE’s Diverse Expat Community
The company’s leadership identified the UAE’s unique demographic makeup as a key driver for this expansion. With a population comprising over 200 nationalities, the country represents a natural fit for Taptap Send’s mission to serve expatriate communities.
“The UAE is unlike anywhere else on earth — over 200 nationalities, the highest concentration of expats of any nation, and a government that has put financial inclusion and innovation at the heart of its national agenda,” said Michael Faye, CEO and Co-Founder of Taptap Send. “Serving this community is exactly why we exist and we’re thankful for the trust by the Central Bank of the UAE.”
About Taptap Send
Taptap Send is a cross-border payments and international money transfer platform dedicated to making global payments fast, affordable, and accessible. Serving millions of users in over 35 send markets — including the UAE and wider GCC — the company combines AI-native technology with one of the industry’s broadest payment rail networks and is redefining what global payments can look like for everyday users.
Source: Zawya
