Abu Dhabi-based FinTech startup Tabadulat has achieved a significant regulatory milestone, receiving an In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This approval marks a critical step forward in the company’s mission to launch its innovative digital platform for managing post-dated cheques (PDCs) and direct debits.
A Digital Overhaul for Post-Dated Cheques
For decades, businesses and individuals across the UAE have relied on paper-based post-dated cheques for recurring payments, a system known for its inefficiencies and risks. The manual processing of PDCs is not only cumbersome and costly but also prone to human error, storage issues, and potential fraud. Tabadulat aims to eliminate these challenges by introducing a fully digital, legally compliant alternative.
The company is developing a centralized platform that enables the creation, management, and clearing of electronic cheques and direct debits. By digitizing this entire lifecycle, Tabadulat promises to enhance security, reduce operational overhead for businesses, and provide a more streamlined and transparent payment process for all parties involved.
The Regulatory Milestone
Receiving the In-Principle Approval from ADGM’s FSRA is a powerful endorsement of Tabadulat’s business model, compliance framework, and technological infrastructure. As one of the leading financial regulators in the region, the FSRA conducts a rigorous assessment before granting an IPA, signifying that the applicant has met its preliminary standards. This approval is a mandatory precursor to obtaining the full Financial Services Permission (FSP) required to operate and provide regulated financial activities within ADGM.
Ashish Nanda, co-founder and CEO of Tabadulat, stated, “Receiving the IPA from ADGM’s FSRA is a testament to our vision and the diligent work of our team. We are committed to building a secure, efficient, and inclusive financial ecosystem that aligns with the UAE’s digital transformation goals.”
Enhancing Financial Inclusion and Efficiency
Tabadulat’s platform is poised to deliver substantial benefits to the broader economy, particularly for Small and Medium-sized Enterprises (SMEs), which often face cash flow management challenges. By providing a reliable and automated system for recurring payments, the platform will help businesses improve their financial predictability and reduce the administrative burden associated with traditional payment methods.
Furthermore, the move towards digital e-cheques and direct debits supports the UAE’s national agenda for a cashless society. It enhances financial inclusion by offering a more accessible and modern financial tool, ultimately contributing to a more robust and efficient digital economy.
About Tabadulat
Founded by a team of experienced professionals led by co-founder Ashish Nanda, Tabadulat is a FinTech company headquartered in Abu Dhabi Global Market. The startup is dedicated to revolutionizing recurring payment systems in the UAE and beyond. Its core offering is a digital platform designed to replace traditional paper-based post-dated cheques and direct debits with secure, legally recognized electronic equivalents (e-cheques and e-direct debits).
Looking Ahead
With the In-Principle Approval now secured, Tabadulat will focus on fulfilling the remaining regulatory requirements to obtain the full Financial Services Permission from the FSRA. Once fully licensed, the company will proceed with the official launch of its platform, bringing a much-needed modernization to the landscape of payment management for businesses and consumers across the United Arab Emirates.
Source: Wamda
