Wise is the latest firm to enter the UAE after receiving regulatory approval from the Central Bank, joining other payment firms in the Middle Eastern market.
Wise has received regulatory approval from the Central Bank of the United Arab Emirates (CBUAE) to launch its services in the country.
The regulator approved the company in two categories, one for stored value facilities and the other for retail payment services.
These licences are viewed as a key step in Wise’s plan to offer products to both personal and business customers in the UAE, which will include its Wise Account and Wise Business services.
“These regulatory approvals mark a significant milestone for Wise in the UAE, and we’re grateful for the CBUAE’s collaborative approach and commitment to fostering financial innovation,” said Joyce Lau, Country Manager, Wise UAE.
“We’ll be able to provide people and businesses with all the tools that make international money management faster, cheaper, and more transparent. For the UAE’s diverse population, this means access to a truly global financial account that works seamlessly across borders.”
Wise serves more than 15 million customers worldwide, moving around $48bn each quarter and holding more than $28bn in customer balances. The UAE licence is part of a wider strategy to expand its regulatory footprint, which now covers 70 markets.
Earlier this year, Wise also received in-principle approval from India’s Reserve Bank. India has become a key target for many payments companies, with PayPal CEO Alex Chriss describing India as a “critical market” last week.
UAE growing attraction
The UAE, like India, is also attracting growing interest from companies looking to build presence in the Middle East.
On October 13, Foris DAX Middle East, the parent company of the cryptocurrency platform Crypto.com, became the first virtual asset service provider to receive in-principle approval from the CBUAE for a stored value facilities licence.
Once the final licence is granted, the company will be able to offer digital payment services for Dubai Government fees. All financial settlements will be made in UAE dirhams or dirham-pegged stablecoins through the stored value facilities framework.
“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” said Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”
A few days earlier, Bybit secured a full virtual asset platform operator licence from the UAE’s Securities and Commodities Authority.
The licence allows Bybit to offer its products and services under a regulatory framework. Bybit first received in-principle approval in February 2025 and has since passed security and transparency assessments.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” said Ben Zhou, Co-founder and CEO of Bybit.
