Fintech unicorn Tabby has received a “Stored Value Facilities” license from the Central Bank of the UAE. The approval marks a significant strategic expansion for the company, allowing it to move beyond its core buy now, pay later (BNPL) offering and directly provide a wider range of financial services in the UAE.
Quick Facts
- Received “Stored Value Facilities” license from CBUAE.
- Enables launch of spending accounts and payment cards.
- Expands services beyond buy now, pay later.
From BNPL to Broader Fintech Ambitions
This new license is a critical step for Tabby, empowering it to hold customer funds and introduce new products directly within its app. The company can now roll out spending accounts, payment cards, and new money management tools for its user base.
The move signals Tabby’s intent to become an all-in-one financial services platform. By integrating daily financial activities like payments and transfers into its existing app, the company is positioning itself to compete more broadly in the UAE’s crowded digital finance market.
Building a Pan-Gulf Regulatory Footprint
The UAE license is the latest in a series of regulatory milestones for Tabby across the region. In Saudi Arabia, the company holds a permit from the Saudi Central Bank to offer BNPL services and previously acquired the licensed Saudi digital wallet, Tawiq.
This growing collection of licenses provides Tabby with greater operational flexibility. It enables the company to develop and launch financial products across key Gulf markets using a unified infrastructure, moving away from the need for separate, market-specific solutions.
About Tabby
Tabby is a leading shopping and financial services app in the MENA region. Primarily known for its flexible “buy now, pay later” payment solutions, the company empowers customers to shop from thousands of brands and split their purchases into interest-free payments. Tabby aims to provide consumers with financial freedom and help retailers grow their businesses.
Source: Jawlah
