Global digital payment provider Ant International has announced its collaboration with the Abu Dhabi Investment Office (ADIO) and the receipt of In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE).
Ant International has signed a Memorandum of Understanding (MoU) with ADIO and obtained IPA for the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) licences from the CBUAE. These achievements underline the company’s commitment to assisting the Central Bank’s digital transformation strategy and positively contributing to the UAE’s fintech landscape.
Accelerating Abu Dhabi’s digital finance landscape
By teaming up with ADIO, Ant International aims to support the UAE by utilising its technological expertise to advance the growth of Abu Dhabi’s financial technology sector. The company aims to provide local businesses with digital tools and promote financial inclusion and connectivity between the UAE and the rest of the globe. According to ADIO’s officials, considering the current market in Abu Dhabi, which includes progressive regulation, optimal digital infrastructure, and a strategic location, the region represents a key jurisdiction for fintech companies that operate worldwide and aim to partner with local participants. The agreement with Ant International underscores a larger inflexion point in digital finance, where the focus is on resilience and regulatory clarity instead of reach.
Furthermore, Ant International emphasised ADIO’s contribution to its efforts to establish its presence in Abu Dhabi, with the collaborative relationship supporting its mission to assist local businesses, especially SMEs, and connect them to global growth opportunities. Ant International plans to support the UAE’s growing digital economy through its solutions and expertise.
Obtaining IPA from the CBUAE
The IPA for CBUAE’s SVF and RPSC licences comes as a prerequisite for securing the full authorisations required to launch Ant International’s fintech solutions in the country. After the final licences are granted, the company is set to be able to provide a suite of payment and other related solutions in the UAE, including merchant acquiring, payment aggregation, e-wallet issuance, and domestic and cross-border fund transfers. Through this, Ant International aims to boost the country’s digital ecosystem, with the move falling in line with the UAE’s ‘We the UAE 2031’ digitalisation and fintech strategy.
