Latest news with #RPSCS
Fintech News ME
3 days ago
- Business
- Fintech News ME
Ant International Advances UAE Expansion with ADIO Agreement and Central Bank Approval
Ant International, a global provider of digital payment, digitisation, and financial technology services, has announced two developments that mark a step forward in its expansion in the UAE. The company has signed a MoU with the Abu Dhabi Investment Office (ADIO) and received In-Principle Approval (IPA) for the Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses from the Central Bank of the UAE (CBUAE). The MoU with ADIO is aimed at supporting the growth of Abu Dhabi's financial technology sector by using Ant International's technological expertise to assist local businesses and promote financial inclusion, as well as connectivity between the UAE and other markets. Badr Al-Olama, Director General of ADIO, said: 'This agreement with Ant International reflects a broader inflection point in digital finance, where scale is no longer just about reach, but about resilience, trust and regulatory clarity. More than just welcoming global fintech players to join our thriving financial ecosystem, Abu Dhabi is actively shaping digital innovation for the future.' Peng Yang, Chief Executive Officer of Ant International, said: 'The support from ADIO has been instrumental in helping us to establish our presence in Abu Dhabi. This strategic collaborative relationship is foundational to our mission to empower local businesses, especially SMEs, and connect them to new global growth opportunities. We are excited to contribute to the UAE's growing digital economy and look forward to a future of shared success.' The IPA from the CBUAE is a prerequisite for obtaining full licenses to operate in the country. Once granted, Ant International intends to offer payment and related services in the UAE, including merchant acquiring, payment aggregation, e-wallet issuance, and domestic and cross-border fund transfers. These services are intended to support the UAE's digital ecosystem in line with the nation's 'We the UAE 2031' digitisation and fintech strategy. Yang added: 'Receiving this In-Principle Approval from the Central Bank of the UAE is a testament to our productive collaboration and shared vision for a digitally driven, inclusive economy. We are grateful for the guidance and support of CBUAE's Fintech Office as we work to bring our AI-powered fintech solutions spanning merchant services, wallet technology, and digitisation tools to help scale the UAE's growth.'
Business Wire
4 days ago
- Business
- Business Wire
Ant International Partners with Abu Dhabi Investment Office and Receives IPA from Central Bank of the UAE to Support Local Digitalisation and Fintech Strategy
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Ant International, a leading global digital payment, digitisation and financial technology provider, today announces two milestones that mark a significant step forward for its business expansion in the United Arab Emirates (UAE). It has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) and received In-Principle Approval (IPA) for the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) licenses from the Central Bank of the UAE (CBUAE). These developments underscore Ant International's commitment to supporting the Central Bank's digital transformation agenda and contributing to the UAE's fintech ecosystem. Strategic Collaboration with ADIO to Accelerate Abu Dhabi's Digital Finance Ecosystem Ant International's MoU with the Abu Dhabi Investment Office (ADIO) solidifies its commitment to the UAE by leveraging its technological expertise to support the growth of Abu Dhabi's financial technology sector, empowering local businesses with advanced digital tools, and promoting financial inclusion and connectivity between the UAE and the rest of the world. H.E. Badr Al-Olama, Director General of ADIO, said: 'With progressive regulation, robust digital infrastructure and a strategic location, Abu Dhabi is a key jurisdiction for fintech firms that operate globally and seek to partner for longevity. This agreement with Ant International reflects a broader inflection point in digital finance, where scale is no longer just about reach, but about resilience, trust and regulatory clarity. More than just welcoming global fintech players to join our thriving financial ecosystem, Abu Dhabi is actively shaping digital innovation for the future.' 'The support from ADIO has been instrumental in helping us to establish our presence in Abu Dhabi. This strategic collaborative relationship is foundational to our mission to empower local businesses, especially SMEs, and connect them to new global growth opportunities,' said Peng Yang, Chief Executive Officer of Ant International. 'We are excited to contribute to the UAE's growing digital economy and look forward to a future of shared success.' Securing Key Regulatory In-Principle Approval from the Central Bank of the UAE In-principle approval for CBUAE's SVF and RPSCS licenses is a prerequisite for obtaining the full licenses required to introduce Ant International's innovative fintech solutions to the country. Once the final licenses are granted, Ant International will be positioned to offer a comprehensive suite of payment and other related solutions in the UAE. These include merchant acquiring, payment aggregation, e-wallet issuance, and domestic and cross-border fund transfers, which will help bolster the country's digital ecosystem in line with the nation's 'We the UAE 2031' digitalisation and fintech strategy. 'Receiving this In-Principle Approval from the Central Bank of the UAE is a testament to our productive collaboration and shared vision for a digitally-driven, inclusive economy,' commented Mr Yang. 'We are grateful for the guidance and support of CBUAE's Fintech Office as we work to bring our AI-powered fintech solutions spanning merchant services, wallet technology, and digitisation tools to help scale the UAE's growth.' About Ant International With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit About ADIO The Abu Dhabi Investment Office (ADIO) is the government vehicle responsible for accelerating Abu Dhabi's growth and enabling the emirate's economic transformation. Through comprehensive support services, ADIO enables both local and foreign investors to shape industries of the future set to transform liveability, technology, resources, and value-added services. Initiatives focused on regional tourism and retail development, as well as public-private partnerships, ensure that community well-being is at the centre of Abu Dhabi's economic transformation. With a robust network of investors, strong collaboration with key stakeholders, and a global presence, ADIO is committed to empowering those who invest with Abu Dhabi to make a lasting global impact. For more information, visit:
CairoScene
27-04-2025
- Business
- CairoScene
Fuze Secures License to Provide Card Payment Services in the UAE
Fuze's new license will allow the UAE fintech to combine crypto and traditional payment services under a regulated framework. Apr 27, 2025 Fuze, a UAE-based fintech which provides financial infrastructure for business, has secured a Retail Payment Services and Card Schemes (RPSCS) license from the Central Bank of the UAE. With this new license, Fuze can offer card payment services to businesses across the UAE, allowing them to accept payments, settle transactions, and manage payouts. Since its launch in 2023 following a $4 million seed round, Fuze's has offered crypto-as-a-service products to banks, fintechs, and other platforms across the MENA region, Turkiye, and South Asia. Using Fuze's APIs, businesses can embed crypto trading, loyalty programs, custody, and lending into their apps without the need to manage liquidity, compliance, or security themselves. Fuze also offers an OTC desk for large crypto trades, providing businesses with access to over 100 tokens, 24/7 trading, and real-time settlements. The new RPSCS license allows Fuse to expand into traditional payments too. This will enable businesses to accept card payments and access tools, such as virtual IBANs, AI-based fraud detection, and real-time settlements, positioning Fuze as a one-stop infrastructure provider. Fuze's expansion aligns with the UAE's national Digital Economy strategy, which aims to double the country's digital economy contribution to GDP to 19.4% by 2032.
Arabian Business
24-04-2025
- Business
- Arabian Business
UAE fintech Pay10 first to launch on Central Bank's open finance framework
Pay10, a UAE-based Alternative Payment Method (APM) provider, has become the first fintech company to achieve production status on the Central Bank of the UAE's Open Finance Framework. This development authorises the company to provide payment initiation services, including variable recurring payments. The launch represents the first operational implementation of regulated open finance infrastructure in the UAE, preceding any similar activation by traditional financial institutions or other fintech companies. UAE's open finance pioneer This open finance authorisation adds to Pay10's regulatory portfolio, joining its existing licenses under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks. With approval of its production environment, Pay10 can now establish secure, real-time connections to bank accounts, creating a foundation for future innovation in data-driven financial services across the region. While Pay10 is now fully operational within the framework, the broader impact will materialise as licensed banking partners complete their integration into the ecosystem. Prabhpreet Singh Gill, Chairman of Pay10, said: 'We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous and thorough regulatory process. Becoming the first fintech to go live in production on the open finance framework is both an honour and a responsibility. We recognise the importance of setting a standard – operationally, technically, and in governance – for those who follow. This milestone underscores the UAE's leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.' The achievement follows Pay10's consistent compliance with regulatory requirements across technical, compliance, and operational areas. The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollout. The license creates new pathways for secure third-party access to financial data, with notable implications for embedded finance, digital identity, interoperability, and financial inclusion. The Central Bank of the UAE introduced the Open Finance Regulation in mid-2024, outlining a phased implementation strategy designed to enable secure access to customer-permissioned financial data through licensed third-party providers. The framework aims to enhance transparency, innovation, and interoperability within the financial sector and serves as a key element of the country's broader digital economy and financial inclusion strategy. Pay10's platform now integrates all three core regulatory authorisations—RPSCS, SVF, and open finance—positioning the company to support a fully digital, interoperable financial services stack under the Central Bank's direct supervision. These licenses enable Pay10 to contribute to the UAE's national development agenda by expanding financial services access for unbanked and underserved populations, promoting economic diversification, and advancing the country's digital transformation goals.
Zawya
24-04-2025
- Business
- Zawya
Pay10 becomes first entity to go live on CBUAE's open finance framework
Abu Dhabi, UAE – Pay10, a leading Alternative Payment Method (APM) provider headquartered in the UAE announces that it has become the first fintech company to go live in production on the Central Bank of the UAE's (CBUAE) Open Finance Framework, authorizing it to provide payment initiation services including variable recurring payment. This milestone marks the first live launch of regulated Open Finance infrastructure in the UAE - preceding activation by any financial institution or fintech. The Open Finance authorization is Pay10's third regulatory license in the UAE, complementing its existing authorizations under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks. The approval of Pay10's production environment enables secure, real-time connectivity to bank accounts, laying the foundation for future innovation in data-driven financial services across the region. While Pay10 is now fully onboarded and operational, the broader impact of the Open Finance framework will be realized as licensed banking partners complete their integration into the ecosystem. Prabhpreet Singh Gill, Chairman of Pay10 stated: 'We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous and thorough regulatory process. Becoming the first fintech to go live in production on the Open Finance framework is both an honour and a responsibility. We recognize the importance of setting a standard - operationally, technically, and in governance - for those who follow. This milestone underscores the UAE's leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.' Pay10's achievement reflects sustained alignment with regulatory requirements across technical, compliance, and operational domains. The company acknowledges the critical role of the Central Bank of the UAE in enabling a responsible and secure rollout. This license opens new pathways for secure third-party access to financial data, with significant implications for embedded finance, digital identity, interoperability, and broader financial inclusion. The Central Bank of the UAE issued the Open Finance Regulation in mid-2024, laying out a phased implementation strategy designed to enable secure access to customer-permissioned financial data through licensed third-party providers. The framework supports enhanced transparency, innovation, and interoperability within the financial sector, and is a key pillar of the UAE's broader digital economy and financial inclusion strategy. Against this backdrop, Pay10's platform now integrates all three core regulatory authorizations—RPSCS, SVF, and Open Finance - positioning the company to support a fully digital, interoperable financial services stack under the direct supervision of the Central Bank of the UAE. These licenses enable Pay10 to contribute meaningfully to the UAE's national development agenda by expanding access to financial services for unbanked and underserved populations, promoting economic diversification, and advancing the country's digital transformation goals. About Pay10 Founded in 2017, Pay10 is a financial technology company headquartered in the United Arab Emirates and operates under the supervision of the Central Bank of the UAE and is licensed to provide services under the Open Finance, RPSCS, and SVF frameworks. The company's Alternative Payment Method (APM) platform enables instant payments, merchant services, and real-time cross-border transactions. Designed to support national schemes and digital economies, the platform combines stored value, wallet-based transfers, and QR-driven payments into a single, seamless experience. Under the leadership of Chairman Prabhpreet Singh Gill (Harry Gill), the company delivers a secure, seamless, and scalable payments ecosystem designed to empower individuals, merchants, and enterprises. Operating in alignment with central bank mandates and national development agendas, Pay10 supports domestic payment schemes and advances financial inclusion across emerging and established markets. Its merchant-first approach offers lower transaction costs and instant settlements, helping businesses take control of their cash flow. With innovation, trust, and compliance at its core, Pay10 is reshaping the future of money - one transaction at a time. More information at
