The Dubai International Financial Centre (DIFC) the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, has granted a financial services license to Ebury, a prominent global fintech backed by Santander Bank.
Ebury which offers cross-border financial services and risk management has obtained the license to conduct regulated activities to provide money services from the DIFC.
With this license, Ebury will be enabled to strengthen the services it offers to SMEs in the region and to do it in or from the DIFC. Further, it will allow the fintech firm to offer money services and arrange credit enabling activities like booking transactions, giving advice and onboarding clients from its office in the center.
Ebury, which already has 22 people based out of the UAE, has become the first company to be granted such a license to engage in money services under the Dubai Financial Services Authority’s comprehensive Money Services Regime.
The license procurement reflects the fintech firm’s strong commitment to Dubai and the increasing strategic partnership between Ebury and the DIFC.
“The DIFC Money Services Regime is the most comprehensive in the region and represents Dubai and the DIFC’s commitment to further developing the financial ecosystem and driving the future of finance. Congratulations to Ebury for becoming the first company in our ecosystem to be granted a license to provide money services.”
During 2019-2020 financial year, Ebury processed $24.9 billion of payments for more than 49,000 companies which marks a 34 percent increment compared to last year.
In April 2020, Santander bank completed its $466 million investment in Ebury giving it the capacity to make a fast pace expansion of the business internationally and enter into new markets.
“We are market-leading in our ability to service the international payment needs of SMEs and being the first company to obtain a license to provide money services in or from the DIFC is further validation of our investment in local operations across the world,” stated Juan Lobato, the CEO of Ebury.
Ebury is a financial services company, specialized in international cash management solutions including cross-border payments, risk management and business lending. The company works with over 49,000 businesses and organizations across Europe, with offices in 4 continents.