Global payments giant Adyen has obtained a Retail Payment Services Category II license from the Central Bank of the UAE (CBUAE). The move allows the company to manage local payment settlements directly for its merchants, a significant operational step that strengthens its position in the region’s competitive fintech market.
Quick Facts
- Secured license from UAE Central Bank.
- Now handles local settlements directly.
- Reduces reliance on third-party providers.
Gaining Control and Cutting Out Middlemen
By securing this license, Adyen can now bypass third-party intermediaries for transaction settlements in the UAE. This gives the company direct oversight of its compliance and settlement processes, enhancing security and efficiency for its merchant partners. The improved foundation also supports further development in areas like fraud prevention and the integration of emerging payment methods.
“Technology alone isn’t enough to serve large enterprises and platforms. It requires a solid, owned foundation that removes middlemen and protects customers from third-party risk,” said Mariëtte Swart, Chief Risk and Compliance Officer at Adyen.
Strengthening Local Operations for MENA’s Top Brands
Adyen has been active in the UAE since 2020, processing payments for some of the region’s largest digital platforms, including Careem, Noon, and Ziina. The new license is expected to bolster its unified commerce offerings and provide more robust services to these high-volume clients, aligning with the UAE’s national strategy to expand its digital economy.
“We can now offer even greater control, reliability and innovation through our local operations, while maintaining the same single platform approach,” commented Daumantas Grigaravicius, Head of Middle East at Adyen.
About Adyen
Adyen is a financial technology platform that provides end-to-end payments capabilities, data-driven insights, and financial products in a single global solution. The company helps businesses across various sectors achieve their growth ambitions by simplifying and optimizing payment processes.
Source: Fintechnews.ae
