- UAE Approval: Airwallex secures in-principle approval from the UAE Central Bank for Stored Value Facilities and Retail Payment Services licences.
- Saudi Expansion: The company incorporates a new Saudi entity, supporting the Kingdom’s Vision 2030 and digital economy growth.
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Strategic Partnerships: Airwallex partners with Tabby to offer BNPL solutions for merchants in both the UAE and Saudi Arabia.
Airwallex has taken a major step in its Middle East expansion after receiving in-principle approval from the Central Bank of the UAE for:
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Stored Value Facilities (SVF)
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Retail Payment Services (Category II)
This includes approval for an SVF wallet designed to support businesses of all sizes, particularly SMEs. The licences will allow Airwallex to deliver services such as multi-currency accounts, global transfers, payment acceptance, and corporate cards within the UAE.
The company confirmed that it is strengthening its office presence and staff to prepare for going live in the market.
Establishing a Saudi Entity
In Saudi Arabia, Airwallex announced the incorporation of a new entity, following approval from the Ministry of Investment.
This move underscores the company’s commitment to contributing to Saudi Arabia’s Vision 2030 and its rapidly growing digital economy.
Partnership With Tabby
Airwallex has also signed a strategic partnership with Tabby, the region’s leading Buy Now, Pay Later (BNPL) provider. Through this collaboration, merchants in the UAE and Saudi Arabia will be able to offer BNPL payment options at checkout, enabling:
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More localized payment experiences.
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Higher conversion rates.
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Larger basket sizes.
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Stronger customer engagement.
Company Perspective
Airwallex emphasized the importance of entering Gulf markets, noting the alignment with the UAE’s Vision 2031 and Saudi Arabia’s Vision 2030.
“We are building the future of global banking and finance. Nowhere is more forward-looking than the Middle East. Securing our UAE payment licence and establishing our first entity in Saudi Arabia are exciting steps. Market entry will empower our 150,000 global customers and create opportunities for local businesses of all sizes.”
With more than 60 licences and permits globally, Airwallex highlighted that its “infrastructure-first” approach positions it to deliver advanced technology and help customers become “default global” across its suite of financial products.
