3Photo© deccanherald.comPhonePe gets initial UAE central bank nod for payment licences
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Digital payments platform PhonePe said on Tuesday it received in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities.
The Walmart-backed fintech firm said the approval follows initial regulatory due diligence and that it still needs final central bank sign-off before it can begin commercial operations in the Gulf state.
Explained | PhonePe brings UPI payment option to keypad-based feature mobiles in India; How it works"Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors," it said.
“ We are honoured to receive In-Principle Approval from the CBUAE. The country's vision and regulatory environment make it an ideal setting for our international journey,
Executive director,
PhonePe gets in-principle approval for two UAE payment licences