New Delhi: 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, licensed payment service providers, and local technology vendors.
The move marks a significant step in PhonePe’s overseas growth strategy beyond its dominant presence in India.
