Latest news with #RPSCS
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
Yahoo
22-04-2025
- Business
- Yahoo
Fuze gains retail payment services and card schemes licence in UAE
Fuze Group, via its subsidiary Niobe Payment Services, has secured a retail payment services and card schemes (RPSCS) licence from the Central Bank of the UAE (CBUAE), according to a press release posted on Zawya. This authorisation establishes Fuze as a licenced operator for digital asset infrastructure and a regulated payment service provider within the region. Fuze CEO and co-founder Mohammed Ali Yusuf said: 'This licence is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. We are privileged to be granted this licence from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions - like virtual IBANs - for a range of businesses.' With the licence, Fuze is now preparing to launch a payment platform that incorporates artificial intelligence (AI) and compliance features to meet the demands of contemporary business operations. The platform will offer a suite of compliant payment products designed for the needs of modern enterprises, fintechs, and marketplaces. The services provided will include real-time digital payments and settlements, an AI-powered compliance and fraud detection system, virtual IBANs for streamlined payment collection, and merchant tools to support UAE businesses. Set up in 2023, Fuze has maintained partnerships with regulatory bodies and become an ally for banks, fintechs, and financial institutions across the Middle East and North Africa (MENA), Turkey, and South Asia. The company aims to assist businesses in overcoming financial infrastructure challenges, from integrating digital assets and cryptocurrencies to developing payment systems and financial products. "Fuze gains retail payment services and card schemes licence in UAE " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Arabian Business
21-04-2025
- Business
- Arabian Business
Fuze secures retail payment and card schemes license from UAE Central Bank
Abu Dhabi-based Fuze, a financial infrastructure provider in the Middle East, has secured a license from the Central Bank of the UAE (CBUAE) for Retail Payment Services and Card Schemes (RPSCS). Established in 2023, the Fuze Group, through its subsidiary Niobe Payment Services, is already a fully licensed operator for digital assets infrastructure. Now, through its payments infrastructure division, it is also a regulated payment services provider for the region. The new license will help Fuze clients to benefit from faster, more secure payment options, with reduced transaction times and end-to-end compliance. Backed by a strong regulatory foundation, Fuze is rolling out a payment stack that brings together advanced technology and seamless user experience. Mohammed Ali Yusuf, CEO and Co-Founder of Fuze, commented: 'This license is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. 'We are privileged to be granted this license from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions like virtual IBANs for a range of businesses.' The new license is a significant milestone for Fuze, which is committed to building the infrastructure for the future of finance. It complements Fuze's existing infrastructure for digital assets, providing innovative financial infrastructure tailored for the MENA region. A new payment platform will combine AI-driven technology, user-friendly design, and integrated compliance features to simplify and support business needs. Businesses can select the services they need and skip the ones they don't, ensuring a flexible and scalable set-up. The platform's features include digital payments and settlements through real-time infrastructure; AI-enhanced compliance and fraud detection engine; virtual IBANs to make it easier to collect payments and manage funds and merchant tools to help UAE-based businesses to manage payments. , Turkey, and South Asia. As a group, Fuze helps enterprises solve a variety of financial infrastructure challenges, from navigating digital assets and crypto integration, to payments rails, and building scalable financial products for the future. In 2023, Fuze announced a record-breaking seed funding of US$14 million, the largest of its kind for a digital assets infrastructure startup in the region. The round was led by Further Ventures, with participation from New York's Liberty City Ventures.
