Tabby has been granted a Stored Value Facilities (SVF) licence by the Central Bank of the UAE (CBUAE), authorising the company to hold customer funds and introduce a suite of financial products that includes spending accounts, cards and money management tools.
The licence marks a step in Tabby’s evolution into a financial services app in the UAE, where it already serves millions of customers. It enables the company to embed financial services, including spending, sending and managing money, into a platform that customers use regularly.
Tabby expands beyond BNPL with UAE financial services licence
Tabby now holds direct regulatory authorisation in its two largest markets. In Saudi Arabia, the company received its Buy Now Pay Later (BNPL) licence from the Saudi Central Bank (SAMA) last year and acquired Tweeq, a SAMA-licensed digital wallet.
The UAE SVF licence strengthens the company’s regulatory foundation, enabling it to build and launch financial products across the GCC on its own infrastructure.
“Millions of people in the UAE already use Tabby for flexible payments. This licence lets us serve them beyond credit and build an experience that delivers what money should actually feel like,” Hosam Arab, CEO and Co-Founder of Tabby said in a statement.
Tabby is a financial technology company that gives millions of people power over their money and flexibility in everyday spending.
Over 65,000 global and local brands, including SHEIN, Amazon, Adidas, IKEA, Jarir, Samsung and noon, use Tabby’s technology to accelerate growth and gain loyal customers.
Headquartered in Riyadh, the company serves Saudi Arabia, the UAE and Kuwait.
