Yalla Financial Solutions has achieved a significant milestone with the in-principle approval from the Central Bank of the UAE (CBUAE) for a Category II Retail Payment Services license. This approval is a crucial step towards the fintech company's ambition to expand its payment infrastructure within the UAE, pending final regulatory clearance. The license is part of the CBUAE's Retail Payment Services and Card Schemes Regulation, which aims to foster a more robust payment ecosystem in the region. Once the final license is granted, Yalla intends to bolster its payment solutions for consumers, merchants, and enterprises, enhancing its competitive position in the rapidly evolving fintech landscape of the UAE.
Currently, Yalla operates in multiple markets, including Egypt, Saudi Arabia, and Pakistan, with a notable presence in the UAE. The company has developed the Yalla Super App in partnership with Visa, which offers a range of digital financial services such as money transfers and bill payments. This platform has garnered over two million active users and has processed transactions exceeding EGP 14 billion. Furthermore, Yalla's Merchant Super App equips businesses with essential digital tools for collections, QR payments, and operational management, thereby facilitating their digital transformation.
Waleed Sadek, CEO and Founder of Yalla Financial Solutions, emphasized the importance of this approval, stating that it represents a significant step in their mission to create an integrated financial ecosystem that empowers various stakeholders through scalable and compliant financial technology. The anticipated final approval will enable Yalla to further enhance its offerings and solidify its position in the competitive fintech sector of the UAE.
Currently, Yalla operates in multiple markets, including Egypt, Saudi Arabia, and Pakistan, with a notable presence in the UAE. The company has developed the Yalla Super App in partnership with Visa, which offers a range of digital financial services such as money transfers and bill payments. This platform has garnered over two million active users and has processed transactions exceeding EGP 14 billion. Furthermore, Yalla's Merchant Super App equips businesses with essential digital tools for collections, QR payments, and operational management, thereby facilitating their digital transformation.
Waleed Sadek, CEO and Founder of Yalla Financial Solutions, emphasized the importance of this approval, stating that it represents a significant step in their mission to create an integrated financial ecosystem that empowers various stakeholders through scalable and compliant financial technology. The anticipated final approval will enable Yalla to further enhance its offerings and solidify its position in the competitive fintech sector of the UAE.
Source: Fintech News ME
