Yalla Receives Initial Approval for UAE Payment Services Licence

UAE-based fintech Yalla Financial Solutions has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Retail Payment Services Category II licence.

The approval was granted under the Central Bank's Retail Payment Services and Card Schemes Regulation. Once Yalla fulfils the remaining regulatory requirements and receives its final licence, the company will be able to further strengthen its payment capabilities in the UAE.

According to Waleed Sadek, Founder and CEO of Yalla, the approval reflects the company's commitment to building secure and innovative payment infrastructure within the UAE's digital economy. He added that the country's regulatory framework and focus on digital transformation have made it a leading destination for financial innovation.

Yalla said it will continue working with the Central Bank to complete the licensing process and obtain final approval. The milestone comes as the UAE continues to expand its digital payments ecosystem and strengthen its position as a regional hub for fintech innovation.