Tap Payments Secures UAE Central Bank Licence, Expands Footprint in Region's Largest Fintech Market
Tap Payments has officially received a licence from the Central Bank of the United Arab Emirates to provide commercial payment services—marking a significant step in the company's regional expansion strategy.
In a press release issued today, Tap Payments underscored the UAE's strategic importance, describing it as the largest fintech and payments hub in the region. The country is currently home to 184 specialized companies in the sector, making it a critical market for digital financial services.
The announcement comes amid rapid growth in the UAE's digital payments landscape. The total value of digital transactions in the country is projected to hit US$80.37 billion by 2025. This figure is expected to rise at a compound annual growth rate (CAGR) of 13.8%, exceeding US$134.84 billion by 2029.
Ali Abulhasan, Co-Founder and CEO of Tap Payments, called the new licence a 'pivotal achievement,' adding that it aligns with the company's broader mission to 'unify and simplify digital payments across the region.'
With this regulatory milestone, Tap Payments is now well-positioned to further scale its offerings and contribute to the UAE's rapidly evolving fintech ecosystem.
News Source: Emirates News Agency
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