Latest news with #CentralBankofthe
Hi Dubai
09-04-2025
- Business
- Hi Dubai
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
Zawya
08-04-2025
- Business
- Zawya
Tap Payments receives payment services licence from Central Bank of UAE
Tap Payments announced today that it has obtained a licence to provide commercial payment services from the Central Bank of the United Arab Emirates, in a step that strengthens the company's presence in the UAE market. The company emphasised in a press release the importance of the UAE market, which is the largest in the region in the field of financial technology and payments, hosting 184 companies specialized in this vital sector. According to the press release, the digital payments sector in the UAE is witnessing rapid growth, with the total value of transactions expected to reach about US$80.37 billion by 2025, at a compound annual growth rate estimated at 13.8 percent through 2029, exceeding US$134.84 billion by that year. Ali Abulhasan, Co-Founder and CEO of Tap Payments, said, 'This licence represents a pivotal achievement in our journey to unify and simplify digital payments in the region.'
Al Etihad
08-04-2025
- Business
- Al Etihad
Tap Payments receives payment services licence from Central Bank of UAE
8 Apr 2025 18:17 DUBAI (WAM)Tap Payments announced today that it has obtained a licence to provide commercial payment services from the Central Bank of the United Arab Emirates, in a step that strengthens the company's presence in the UAE company emphasised in a press release the importance of the UAE market, which is the largest in the region in the field of financial technology and payments, hosting 184 companies specialised in this vital to the press release, the digital payments sector in the UAE is witnessing rapid growth, with the total value of transactions expected to reach about US$80.37 billion by 2025, at a compound annual growth rate estimated at 13.8 percent through 2029, exceeding US$134.84 billion by that year. Ali Abulhasan, Co-Founder and CEO of Tap Payments, said, 'This licence represents a pivotal achievement in our journey to unify and simplify digital payments in the region.'
