Ziina Wins UAE Central Bank Licenses for Payments and Money Transfers
Ziina UAE fintech licenses add payments and exchange services
Ziina has secured a Retail Payment Services Category III license and authorization to conduct Exchange Business Category IV activities under its existing Stored Value Facility license from the Central Bank of the UAE. The company said the approvals make it the first homegrown UAE fintech company to hold regulatory authorizations spanning all three activities, covering consumers and merchants in the UAE.
Ziina is a UAE-based fintech platform for consumers and businesses to spend, receive and manage money. Its products include digital wallets, payment links, QR payments, Tap to Pay and an online payment gateway.
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The approvals expand Ziina’s regulated scope from holding and receiving money to merchant acquiring, payment aggregation, domestic fund transfers and international money transfers through digital channels, including directly through the Ziina app. The company said the licenses provide the foundation to offer more financial services through one platform.
“These licenses give us the regulatory framework to build faster and go further,” Faisal Toukan, Co-Founder and CEO at Ziina, said.
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