UAE-based fintech startup Ziina has secured new regulatory approvals from the Central Bank of the UAE (CBUAE), expanding its authorization to provide retail payment and international money transfer services.
The approvals include a Retail Payment Services Category III license and authorization to conduct Exchange Business Category IV activities under its existing Stored Value Facility license.
The retail payments licence covers merchant acquiring, payment aggregation and domestic fund transfers. It also authorises Ziina’s merchant payment products, including payment links, QR payments, Tap to Pay and its online payment gateway.
The exchange authorization allows the company to facilitate international money transfers through digital channels, including its mobile application.
Faisal Toukan, Ziina’s co-founder and chief executive, said the approvals provide a regulatory framework for expanding its financial services through one platform.
For entrepreneurs operating in the UAE, the expanded services could provide additional options for accepting customer payments and transferring money internationally
