PhonePe gets UAE nod for two payment licences

Fintech major PhonePe on Tuesday announced that it has secured in-principle approval from the Central Bank of the UAE for two key operating licences, marking its first international expansion footprint. The in-principle approval covers Retail Payment Services and Card Schemes (RPSCS), as well as stored value facilities (SVF), the company said in a statement.

The digital payments firm will now work towards obtaining final approval before commencing commercial operations in the United Arab Emirates. Upon securing final regulatory clearances, PhonePe plans to partner with regional banks, licenced payment service providers, and local technology vendors.