Dubai-based fintech Tabby has been granted a Stored Value Facilities (SVF) licence by the Central Bank of the UAE (CBUAE). The approval marks a significant step for the company, authorising it to hold customer funds and expand its product suite beyond its well-known Buy Now, Pay Later services.
Quick Facts
- License: Stored Value Facilities from UAE Central Bank.
- New Products: Spending accounts, cards, and money management tools.
- Market: The license applies to Tabby’s operations in the UAE.
From BNPL to Full-Stack Fintech
The SVF license is a major development in Tabby’s journey to become a comprehensive financial services app. While millions of customers in the UAE already use the platform for its flexible payment solutions, this regulatory green light allows Tabby to embed a wider range of everyday financial services directly into its app.
With the new authorisation, the company plans to introduce spending accounts, payment cards, and new tools for money management, effectively allowing users to spend, send, and manage their money within the Tabby ecosystem they already use.
A Pan-GCC Regulatory Foundation
This move in the UAE strengthens Tabby’s regulatory position across its key markets in the GCC. The company previously secured a Buy Now, Pay Later permit from the Saudi Central Bank (SAMA) last year and also acquired Tweeq, a SAMA-licensed digital wallet provider.
By holding direct regulatory authorisations in both Saudi Arabia and the UAE, Tabby can now build and scale its financial products across the region on its own infrastructure.
Hosam Arab, CEO and Co-Founder of Tabby, commented on the development, stating, “Millions of people in the UAE already use Tabby for flexible payments. This licence lets us serve them beyond credit and build an experience that delivers what money should actually feel like.”
About Tabby
Tabby is a financial technology company focused on providing users with control over their money and flexibility in their spending. The platform is used by over 65,000 global and local brands, including SHEIN, Amazon, Adidas, IKEA, Jarir, Samsung, and noon, to drive growth and build customer loyalty. Headquartered in Riyadh, Tabby operates in Saudi Arabia, the UAE, and Kuwait.
Source: Zawya
