Wise Wins UAE Approval to Offer Cross-Border Payment Services
Regulatory Green Light from Central Bank
Wise has received approval from the Central Bank of the United Arab Emirates (CBUAE) to offer its money transfer and payment services in the country, paving the way for the fintech to expand into one of the Middle East’s key financial hubs.
The CBUAE granted Wise two licences — Stored Value Facilities and Retail Payment Services (Category 2) — allowing the London-listed firm to launch products such as Wise Account and Wise Business for customers in the UAE. The services enable users to send, receive and manage money across borders at lower costs and with greater transparency than traditional banking channels.
Wise said the approvals represent an significant step toward bringing its full suite of personal and business tools to the market. The company plans to begin onboarding UAE-based customers once final operational requirements are met.
Investor Takeaway
Building a Global Licensing Network
Wise said the approvals expand its international regulatory footprint and align with its long-term plan to offer quicker, cheaper through local licensing rather than partnerships. The UAE’s diverse, expatriate-heavy population provides a natural growth market for Wise’s multi-currency products.
Through the new licences, Wise will be able to operate as both a digital wallet provider and a retail payment processor, giving residents and businesses access to international that operate within the CBUAE’s consumer protection framework.
The move also follows Wise’s broader strategy of securing domestic licences in major remittance markets, such as India, Singapore and Brazil, rather than relying solely on correspondent networks.
Product Rollouts and Partnerships
Earlier this month, Wise upgraded customer accounts in Brazil to include Pix key functionality, allowing users to fund and convert money directly through the Brazilian central bank’s instant payment network. Since launching its account in Brazil, adding funds through Pix has become one of the most-used features among customers, according to company officials.
In August, Upwork named Wise Platform as its new infrastructure partner to handle cross-border payouts for freelancers. The partnership enables quicker transfers to local bank accounts in parts of South America, Asia-Pacific and Europe through Wise’s “Direct to Local Bank” feature. The collaboration reflects Wise’s growing role as a backend .
UAE as a Regional Payments Hub
The CBUAE has stepped up efforts to and attract fintech players viewking to operate under a regulated regime. The UAE hosts a large expatriate workforce that remits billions of dollars annually, making it one of the world’s largegest remittance corridors alongside India, Saudi Arabia and the United States.
Wise’s entry into the UAE adds another major market to its global presence, which already spans more than 160 countries. The company processed over £120 billion in cross-border payments in 2024, according to its latest annual report. Industry analysts say that operating under a local licence could assist Wise win market share from incumbents such as Western Union and MoneyGram by offering quicker settlement and lower fees.
