Ant International said Monday that it has signed a memorandum of understanding with the Abu Dhabi Investment Office to advance financial technology innovation in the emirate, while also securing in-principle approval for two key payment licences from the Central Bank of the UAE.
Ant International Secures Key Approvals for UAE Expansion
The in-principle approval covers Stored Value Facilities and the Retail Payment Services and Card Schemes licences, a prerequisite for the full licences needed to launch operations in the country.
Once granted, the company said it plans to offer merchant acquiring, payment aggregation, e-wallet issuance, and domestic and cross-border fund transfers.
H.E. Badr Al-Olama, director general of the Abu Dhabi Investment Office, commented: “With progressive regulation, robust digital infrastructure and a strategic location, Abu Dhabi is a key jurisdiction for fintech firms that operate globally and seek to partner for longevity.”
Peng Yang, chief executive officer of Ant International, said: “The support from ADIO has been instrumental in helping us to establish our presence in Abu Dhabi. This strategic collaborative relationship is foundational to our mission to empower local businesses, especially SMEs, and connect them to new global growth opportunities.”
Yang added that the in-principle approval “is a testament to our productive collaboration and shared vision for a digitally-driven, inclusive economy,” and that Ant International looks forward to contributing to the UAE’s digitalisation and fintech strategy.
