Adyen has successfully obtained a Retail Payment Services Category II license from the Central Bank of the UAE (CBUAE), enabling the company to manage local settlements directly. This strategic move reduces its dependency on third-party providers and enhances its oversight of compliance and settlement processes for merchants operating in the UAE. The license is expected to bolster Adyen's capabilities in areas such as fraud prevention, emerging payment methods, and unified commerce. Mariëtte Swart, Chief Risk and Compliance Officer at Adyen, emphasized that a robust, owned foundation is essential for serving large enterprises effectively while mitigating third-party risks. Daumantas Grigaravicius, the Head of Middle East at Adyen, noted that this development will allow for greater control, reliability, and innovation through local operations, all while adhering to the company’s single platform approach. This initiative aligns with the UAE's broader ambitions to enhance its digital economy and financial technology landscape.
Source: Fintech News ME
