Foloosi gets UAE central bank in-principle payments licence nod
UAE-based payments technology company Foloosi has received In-Principle Approval (IPA) from the Central Bank of the UAE for a Category III licence under the Retail Payment Services and Card Schemes Regulation.
Foloosi provides digital payment solutions that help merchants accept and manage payments across online and in-store channels. The company is developing a platform built around artificial intelligence and data-driven payment capabilities, including AI-powered transaction intelligence to monitor transaction behaviour, real-time fraud and risk monitoring, intelligent payment orchestration, and merchant analytics designed to provide insights into customer activity and revenue performance.
The company is also investing in automated reconciliation and settlement tools aimed at reducing manual payment operations, while exploring agentic AI capabilities that would allow authorised AI agents to interact with payment infrastructure through secure permissions and controls.
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Omar Bin Brek, co-founder and CEO of Foloosi, said, “Receiving in-principle approval from the Central Bank of the UAE is important for Foloosi and reflects the progress we have made in building a strong, secure and scalable payments business in the UAE.”
He added, “Our focus now is to complete the remaining regulatory requirements and continue building Foloosi into a trusted payments infrastructure company for the UAE.”
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