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🇦🇪 United Arab Emirates /Economy & Trade

Alaan wins UAE central bank approval in principle for payment licences

From Gulf Today · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Press release Official statement New plan
  • UAE fintech Alaan received in-principle approval for licences that would allow it to hold customer funds, operate cross-border payments and issue corporate cards.
  • The approval supports Alaan’s expansion plans after it launched cross-border payments and an AI-native business account earlier this year.
  • The company reported triple-digit year-on-year revenue growth in the UAE since its 2022 launch.

Alaan has cleared a key regulatory hurdle in the UAE, receiving in-principle approval from the Central Bank of the UAE for Stored Value Facilities and category-II Retail Payment Services licences.

The approval is not yet a final licence. If the remaining regulatory approvals are granted, Alaan will be able to hold customer funds, operate cross-border payments and issue corporate cards under the central bank’s regulation.

The Middle East spend-management platform has been expanding its financial products. Earlier this year, it launched a cross-border payment product and what it describes as the region’s first AI-native business account.

Alaan said it has recorded triple-digit year-on-year revenue growth in the UAE since launching in 2022. The in-principle approval now provides the regulatory foundation for its ambitions in the country, while also placing its future operations under the standards of the Central Bank of the UAE.

About this summary

Originally published by Gulf Today in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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