Wise, one of the global technology companies building the best way to move money around the world, has secured regulatory approvals by the Central Bank of the United Arab Emirates (CBUAE) to bring its suite of products to the country.
Home to over 200 nationalities, the UAE is one of the world’s most diverse countries in the world, where approximately USD 40 billion is moved annually across borders by individuals and businesses. This makes international money movement and management essential for financial life and highlights the need for fast and low-cost cross-border financial services.
The CBUAE granted Wise licence approvals in two categories: (1) Stored Value Facilities, and (2) Retail Payment Services – Category 2. This marks the first significant milestone to bring our services and products to personal and business customers in the UAE in the future. This includes its popular Wise Account and Wise Business, which allows people and businesses around the world to send, spend and get paid with more speed, transparency and convenience. Wise already serves more than 15 million customers globally, moving around USD 48 billion across borders each quarter and holding over USD 28 billion in their Wise accounts.
Joyce Lau, Country Manager, Wise UAE said: “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. 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.”
Through these new approvals, Wise further expands its global licensing footprint, with over 70 regulatory licences worldwide. Earlier this year, Wise secured in-principle regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, improving its offering for businesses in India. Wise already processes 10% of all foreign currency flows to individuals in India. In Australia, Wise was granted a licence for investment services, enabling Australians to earn returns on their Wise account balances through its innovative Assets feature.
