Global financial platform Airwallex is fast-tracking its expansion in the Middle East, securing key licences, setting up new operations and striking regional partnerships.
In the United Arab Emirates, the company has received in-principle approval from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services (Category II) licences.
This includes approval for a Stored Value Facilities wallet that will support all businesses, including small and medium-sized firms.
The licences will enable Airwallex to offer multi-currency accounts, global transfers, payment acceptance and corporate cards in the UAE.
The company said it is increasing its office presence and staff in preparation for going live.
In Saudi Arabia, Airwallex has incorporated a new entity following its incorporation approved by the Ministry of Investment.
The company said this reflects its commitment to supporting Saudi Arabia’s Vision 2030 agenda and to playing a role in the kingdom’s growing digital economy.
The company has also partnered with Tabby, the Middle East’s leading buy now, pay later provider, to enable BNPL payment options at checkout for merchants in the UAE and Saudi Arabia.
This aims to help global merchants offer localised payment experiences, drive higher conversion, larger basket sizes and stronger engagement with shoppers in Gulf markets.
Jack Zhang, Co-Founder and CEO of Airwallex, said,
“We are building the future of global banking and finance, and when you consider the UAE’s 2031 Vision and Saudi Vision 2030, nowhere is more forward-looking than the Middle East.
This is why it is so exciting to have secured our In-Principle Approval for payments licence in the UAE, and established our first entity in KSA. Market entry in the region will not only empower our 150,000 existing global customer base, but it will also create huge opportunities for local businesses – big and small.”
Jeanette Chan, Chief Legal, Compliance and Risk Officer at Airwallex, added,
“As an infrastructure-first company, we have spent ten years diligently working with regulators and building our infrastructure.
We now have over 60 licences and permits globally, and these new steps in the UAE and Saudi Arabia are an exciting part of our broader strategy to provide our customers with the right technology and opportunities to be ‘default global’ across our entire product suite”.
Airwallex’s push into the Middle East comes as it scales operations globally.
The company recently closed a US$300 million Series F funding round at a US$6.2 billion valuation and announced a global partnership with Arsenal Football Club, complementing its existing deal with McLaren Racing.
Featured image: Edited by Fintech News Singapore, based on image by Trend2023 via Freepik
