UAE fintech Ziina has secured Central Bank of the UAE approvals for retail payment services and exchange business activities, making it the first homegrown UAE fintech to hold authorizations spanning all three activities, according to the company.
The new Retail Payment Services Category III license covers merchant acquiring, payment aggregation and domestic fund transfers. It also authorizes Ziina’s merchant products, including payment links, QR payments, Tap to Pay and its online payment gateway.
The company has also received authorization to conduct Exchange Business Category IV activities under its existing Stored Value Facility license. The approval enables international money transfers through digital channels, including the Ziina app.
Ziina received its Stored Value Facility license in 2024, allowing it to launch its digital wallet. The latest approvals give the company a regulatory basis to offer services spanning money storage, spending, domestic payments and international transfers through one platform.
Ziina said it now serves more than 500,000 customers annually, processes over $1.5 billion in annualized payment volume and is used by one in 10 UAE SMEs. The company was founded in 2020 by Faisal Toukan, Sarah Toukan and Talal Toukan.
Source: Wamda
