Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI), a leading Canadian fintech firm, has achieved a significant milestone by securing in-principle approval for a Retail Services Category II License from the Central Bank of the UAE. This pivotal move marks Nuvei’s strategic expansion into the United Arab Emirates (UAE), reinforcing its global presence and commitment to the Middle East and North Africa (MENA) region.
The UAE, with its rapidly growing eCommerce sector projected to surpass $10 billion in revenue by 2029, represents a crucial market for Nuvei’s global clientele. The sector is expected to maintain a robust annual growth rate (CAGR 2024-2029) of approximately 9%.
With the Retail Services Category II License, Nuvei will offer a comprehensive suite of payments technology to businesses in the thriving UAE market. This includes direct local acquiring, payment aggregation services, and domestic and cross-border fund transfers. The direct local acquiring capability allows Nuvei to have greater control over the payment life cycle, optimizing payment acceptance rates and reducing processing costs for its customers.
Philip Fayer, Nuvei’s Chair and CEO, expressed his excitement about the expansion: “Our mission is to connect our customers to their customers more deeply through payments, wherever those customers are and however they want to pay. Expanding our global licenses portfolio has been a key focus in this regard, and we can now offer the full power of our payment platform to support the growth aspirations of businesses operating in the UAE.”
He added, “We extend our gratitude to the Central Bank of the UAE for its in-principle approval of our Retail Payment Services License and facilitating this opportunity. We’re thrilled to be on the cusp of launching our best-in-class services, including direct local acquiring, in such a fast-growing digital eCommerce market.”
This announcement is the latest in Nuvei’s ongoing global expansion. The company has already extended its local acquiring capabilities in more than 50 countries. In 2024 alone, Nuvei secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore and became the first global payments company to offer local direct acquiring in Colombia.
For more updates on fintech advancements and industry trends, stay connected with FinQfy.
