Global fintech company Sokin has received a licence from the Dubai Financial Services Authority and opened a new UAE office at One Za’abeel. The company plans to grow its local team to 100 employees and has also entered a strategic partnership with Seed Group.
The licence allows business customers to receive payments in dirhams directly into their Sokin accounts. Platform partners will also gain access to integrated local payment channels for sending and receiving funds in the UAE, alongside support for more than 70 other currencies.
According to the announcement, more than $11B is processed annually through Sokin’s licences and infrastructure across 70 currencies and 170 countries. The company holds licences in 36 countries and operates eight offices worldwide.
Founder and CEO Fron Modgil said the UAE presence is a core part of Sokin’s growth plans, rather than a secondary office. He added that the company has been recording 100% annual growth.
Sokin entered the UAE market about three years ago as a strategic partner to Seed Group.
Source: Al Khaleej
