Airwallex has secured approvals to expand into the Middle East, including preliminary approval for a payments licence in the UAE and a new company setup in Saudi Arabia.
The global payments company announced it has received In-Principle Approval for payment licences from the UAE’s Central Bank. This will allow it to offer multi-currency accounts, global transfers, payment processing and corporate cards to businesses in the region.
Airwallex is now moving quickly to set up its UAE operations, with plans to expand its local office and hire more staff.
The company has also established a new entity in Saudi Arabia, after receiving approval from the Kingdom’s Ministry of Investment. The move shows Airwallex’s commitment to supporting Saudi Vision 2030 and the country’s growing digital economy.
On top of these regulatory wins, Airwallex has partnered with Tabby, the Middle East’s leading ‘buy now, pay later’ provider. The partnership will let merchants offer BNPL payment options in the UAE and Saudi Arabia, helping them boost sales and engage better with local shoppers.
Jack Zhang, Co-Founder and CEO of Airwallex, said: “We are building the future of global banking and finance, and when you consider the UAE’s 2031 Vision and Saudi Vision 2030, nowhere is more forward-looking than the Middle East. This is why it is so exciting to have secured our In-Principle Approval for payment licence in the UAE, and established our first entity in KSA.
“Market entry in the region will not only empower our 150,000 existing global customer base, but it will also create huge opportunities for local businesses, big and small. To be fully global, we also need to be hyperlocal, and we are delighted to be working on how to bring Airwallex’s cutting-edge solutions to this critical, energetic and fast-growing region.”
Jeanette Chan, Chief Legal, Compliance and Risk Officer at Airwallex, added: “As an infrastructure-first company, we have spent ten years diligently working with regulators and building our infrastructure. We now have over 60 licences and permits globally, and these new steps in the UAE and Saudi Arabia are an exciting part of our broader strategy to provide our customers with the right technology and opportunities to be ‘default global’ across our entire product suite.”
The Middle East expansion comes as Airwallex continues to grow across Asia Pacific, EMEA and the Americas. The company recently raised $300 million in Series F funding at a $6.2 billion valuation and announced a global partnership with Arsenal Football Club, complementing its existing partnership with the McLaren Formula 1 Team.
