Service-led alternative banking partner IFX Payments is expanding its service offering in the United Arab Emirates (UAE) after securing a new licence from the Dubai Financial Services Authority (DFSA).
Having been granted a category 3C licence from the DFSA, IFX Payments can now offer money and custody services locally within the UAE. Its clients and partners can now benefit from enhanced product and service capabilities, streamlining their cross-border transactions, reducing currency risk exposure and simplifying their financial operations.
The category 3C licence represents the next milestone in IFX Payments’ growth ambitions, after acquiring a Canadian FMSB licence in 2023, which further strengthened its ability to scale its global operations.
The development comes as Dubai quickly positions itself as a leading global centre for fintech, fueled by a blend of strategic initiatives, strong infrastructure, and a progressive regulatory framework. By 2028, the UAE fintech market’s transaction value is projected to reach $80billion, driven by its strategically desirable location, surging local demand for fintech solutions and attractiveness to foreign direct investment.
Having operated as a representative office in Dubai for the past 12 years, IFX Payments has relocated to larger office space in the DIFC, with plans to invest significantly in its team. As the senior executive officer, Wasan Zaini will lead the new venture having previously led the company’s FX desk in London and the representative office in Dubai where she worked a significant portion of her career.
“This milestone is a testament to our commitment to providing world-class financial services and innovative solutions to businesses in the UAE,” Zaini commented. “With this enhancement to our services, we look forward to empowering our clients with greater efficiency, flexibility, and control over their payment and treasury operations.”
Will Marwick, CEO, IFX Payments, also added: “Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions.”
