UAE-based spend management platform Pemo has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Stored Value Facility (SVF) license.
The approval does not constitute a final license. Pemo expects to complete the licensing process in the coming months, after which it will be able to hold and manage business funds through digital accounts.
The license would also enable Pemo to introduce digital wallets and fund-holding features for small and medium-sized businesses. The company said these capabilities could support faster access to stored funds, more flexible corporate card funding and consolidated cash management through a single platform.
Pemo said SMEs represent around 90% of operating companies in the UAE and contribute more than 60% of non-oil GDP, but receive about 10% of total bank funding.
Founded in 2022, Pemo now supports more than 6,000 businesses in the local market, including Talabat, Sodexo and Al Marwan Group Holding. Co-founder and CEO Ayham Gorani said the regulatory milestone would help the company expand beyond spend management and develop new financial products.
The company said it expects to announce further partnerships and expanded offerings in the coming weeks.
Source: Fintech News UAE
