Ziina has secured UAE central bank approvals for merchant payments and international money transfers, extending the Dubai fintech’s regulated activities as it builds out services around its digital wallet.
The company received a Retail Payment Services Category III licence covering merchant acquiring, payment aggregation and domestic transfers. Separately, an exchange-business authorisation granted in August permits international transfers through digital channels, including its app.
The approvals build on the stored value licence Ziina received in June 2024. Together, they cover holding customer balances, accepting payments for merchants and moving money domestically and overseas.
Ziina says it now serves more than 500,000 consumer and business customers annually and processes over $1.5 billion in annualised payment volume. It also says one in 10 UAE SMEs uses its platform, whose merchant products include payment links, QR payments, Tap to Pay and an online checkout gateway.
“These licenses allow us to accelerate what we’re building and to bring more of the financial services consumers and businesses need onto one platform, on infrastructure we’ve built ourselves,” Faisal Toukan, co-founder and chief executive, told FWDstart.
The company has been broadening its offering beyond transfers and payment acceptance. Its card lets customers spend their wallet balances, while the Violet membership launched earlier this year bundles benefits from partner brands with zero currency fees on overseas card purchases.
Ziina has also worked with Lean Technologies to simplify how customers fund their wallets. The pair introduced one-tap bank top-ups in June, allowing users to connect a bank account once and make subsequent payments without repeatedly entering their credentials. That followed their first live customer-initiated payment under the UAE’s Open Finance framework in January.
The exchange permission adds international transfers to that product roadmap. Granted under Ziina’s existing stored value licence, it authorises Category IV exchange activities rather than constituting a separate standalone exchange licence. The announcement did not set out transfer corridors, pricing or a launch date.