PhonePe moves closer to launching in UAE after regulator’s nod; awaits final clearance

Digital payments platform PhonePe said on Tuesday it received in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities.

The Walmart-backed fintech firm said the approval follows initial regulatory due diligence and that it still needs final central bank sign-off before it can begin commercial operations in the Gulf state.