After India, Wise gets Central Bank nod for fund transfer services in UAE

Dubai: Wise, the London-listed global money transfer and payments company, has received final approval from the Central Bank of the United Arab Emirates (CBUAE) to operate in the country.

The company has secured licenses for Stored Value Facilities and Retail Payment Services – Category 2, allowing it to launch products like the Wise Account and Wise Business for individuals and companies in the UAE.

The company clarified that they are in the process of getting the UAE regulator's no-objection specifically for remittance services. While Wise’s Retail Payment Services license allows both domestic and international transfers, new CBUAE rules on remittances mean the company still needs extra no-objection approvals before launching remittances.

The UAE, home to over 200 nationalities, sees about $40 billion moved across borders annually. Wise says its entry will give residents access to faster, cheaper, and more transparent international transfers.

“These regulatory approvals mark a significant milestone for Wise in the UAE,” said Joyce Lau, Country Manager at Wise UAE. “We’ll be able to provide people and businesses with all the tools that make international money management faster and more transparent.”

With over 15 million global customers and $48 billion moved every quarter, Wise continues to grow its footprint. The company now holds more than 70 regulatory licenses worldwide.

Earlier in 2025, Wise received in-principle approval from the Reserve Bank of India to operate as a payment aggregator and already processes about 10% of all foreign currency flows to individuals in India.
In Australia, Wise recently secured an investment services license, enabling users to earn returns on their balances through its Assets feature.

Founded in 2011, Wise processed over $185 billion in cross-border transactions in fiscal year 2025, saving customers approximately $2.7 billion in fees.