Following this announcement, the new Retail Services Category II Licence from the Central Bank of the UAE represents an important step in the company’s expansion in the region of the United Arab Emirates, as well as the strategy of fortifying its global presence and commitment to customers in the Middle East and North Africa (MENA).
In addition, Nuvei will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Nuvei represents a Canadian fintech company that focuses on accelerating the business of customers around the globe. Its modular si secure technology was designed in order to allow companies to accept next-gen payments, deliver all payment options, and benefit from card issuing, banking, risk, and fraud management solutions.
The UAE is a crucial market for Nuvei’s global customers, due to its rapidly growing ecommerce sector. The Retail Services Category II Licence is expected to give Nuvei the possibility to provide its comprehensive and secure suite of payment technology to businesses and partners that operate in the UAE market. The product portfolio will include direct local acquiring, payment aggregation solutions, as well as domestic and cross-border fund transfers. At the same time, through the use of direct local acquiring, Nuvei will gain optimised control over the overall payment life cycle, which is set to ensure further improved transaction acceptance rates, as well as lower processing costs for its clients and users.
The Central Bank of the UAE offered its in-principle approval of Nuvei’s Retail Payment Services Licence and facilitated this opportunity. Furthermore, expanding its global licence portfolio has been a key focus for Nuvei, as the company prioritised the process of providing its payment platform to support the growth aspirations of businesses operating in the UAE. For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now