Tabby has received approval for a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), enabling the fintech company to hold customer funds and launch a new range of financial products.
These include spending accounts, payment cards, and advanced money management tools, further expanding the company’s offerings in the UAE’s growing digital financial services sector.
The SVF license marks a significant milestone in its transformation into a comprehensive financial services platform in the UAE, where it already serves millions of users.
This new development allows Tabby to seamlessly integrate everyday financial services, such as spending, transferring, and managing money, into an app that customers already trust and use on a regular basis.
By expanding its offerings, Tabby aims to enhance user experience, providing a one-stop solution for all their financial needs. Regulated across the GCC.
Tabby now holds direct regulatory authorization in its two largest markets. In Saudi Arabia, the company received its Buy Now Pay Later license from the Saudi Central Bank (SAMA) last year and acquired Tweeq, a SAMA-licensed digital wallet. The UAE SVF license further strengthens its regulatory foundation, enabling it to build and launch financial products across the GCC on its own infrastructure.
Hosam Arab, CEO and Co-Founder of Tabby, said that, “Millions of people in the UAE already use the company for flexible payments. This license lets us serve them beyond credit and build an experience that delivers what money should actually feel like.”
Tabby
Tabby is a financial technology company that gives millions of people power over their money and flexibility in everyday spending. Over 65,000 global and local brands, including SHEIN, Amazon, Adidas, IKEA, Jarir, Samsung, and noon, use the company’s technology to accelerate growth and gain loyal customers. Headquartered in Riyadh, it serves Saudi Arabia, the UAE, and Kuwait.
