Global financial platform for businesses Airwallex has announced a series of regulatory, infrastructure, and partner developments that enable it to expedite its Middle East expansion.
The milestones come as part of a strategic push in the Middle East, with Airwallex planning to capitalise on the growth opportunity in the region. The developments follow the company’s expansion efforts across the broader APAC, EMEA, and the Americas.
Regulatory achievements
In the United Arab Emirates (UAE), Airwallex has obtained In-Principle Approval (IPA) for Stored Value Facilities and Retail Payment Services (Category II) Licences from the Central Bank of the UAE. This encompasses a Register of Stored Value Facilities (SVF) wallet with a limit that is set to assist all businesses, including SME use cases. Through this, Airwallex will be able to provide customers with multi-currency accounts and global transfers, Payment Acceptance (PA), and Corporate Cards. Securing this licence also allows the company to accelerate its entry in the UAE, with its office and staff growing as part of go-live preparations.
Furthermore, the Ministry of Investment of Saudi Arabia granted Airwallex an incorporation, enabling the company to create a new entity in the Kingdom of Saudi Arabia (KSA). This underlines the firm’s commitment to assisting the region’s Vision 2030 agenda and contributing to its evolving digital economy.
Expanded offering for Middle Eastern merchants
In addition to these regulatory developments, Airwallex is also working on additional capabilities in the Middle East for existing merchants. The company has teamed up with Tabby, a BNPL provider, to deliver instalment payment options at checkout in the UAE and KSA. This initiative focuses on supporting global merchants in increasing conversion rates, expanding basket sizes, and benefiting from stronger engagement with local shoppers.
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