Global technology company Wise has officially received final regulatory approval from the Central Bank of the United Arab Emirates (CBUAE), paving the way for the launch of its low-cost money transfer and management services in the country. This strategic move marks a significant milestone for Wise and introduces a major new player into the UAE’s competitive fintech landscape.
A Gateway to the UAE’s $40 Billion Remittance Market
The UAE is one of the world’s most diverse countries, home to over 200 nationalities. This dynamic environment fuels a massive cross-border payments market, with individuals and businesses moving approximately $40 billion annually. Wise’s entry is set to address the high demand for faster, cheaper, and more transparent financial services for the nation’s large expatriate population and globally-minded businesses. The company aims to bring its popular Wise Account and Wise Business products, which are already used by over 15 million customers worldwide.
Securing Key Regulatory Approvals
The CBUAE granted Wise two key licenses: Stored Value Facilities and Retail Payment Services – Category 2. These approvals are the first crucial step required to bring the company’s full suite of products to customers in the UAE. The licenses will enable users to send, spend, and receive money internationally with greater speed and convenience than traditional banking services.
Joyce Lau, Country Manager for Wise UAE, commented on the development, stating, “These regulatory approvals mark a significant milestone for Wise in the UAE, and we’re grateful for the CBUAE’s collaborative approach and commitment to fostering financial innovation. For the UAE’s diverse population, this means access to a truly global financial account that works seamlessly across borders.”
Global Expansion and Strategic Growth
This move into the UAE is part of Wise’s broader global expansion strategy, which now includes over 70 regulatory licenses worldwide. Earlier this year, the company secured in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, strengthening its position in a market where it already processes 10% of all foreign currency inflows to individuals. The company was also recently granted a license for investment services in Australia, allowing customers to earn returns on their account balances.
About Wise
Wise is a global technology company focused on building a better way to move and manage money internationally. Through the Wise Account and Wise Business, customers can hold funds in 40 currencies, transfer money between countries, and spend abroad. The company’s infrastructure is also used by large enterprises and banks to power their own cross-border payment solutions. Launched in 2011, Wise supports millions of customers and processes over $185 billion in cross-border transactions annually.
Source: Zawya
