Global financial platform for businesses Airwallex has announced a series of regulatory, infrastructure, and partner developments that support its accelerated expansion in the Middle East.

Regulatory Achievements

Airwallex has secured In-Principle Approval (IPA) for Stored Value Facilities and Retail Payment Services (Category II) Licences from the Central Bank of the UAE. This includes a Register of Stored Value Facilities (SVF) wallet with a limit intended to assist businesses, including SMEs. With this approval, Airwallex aims to offer multi-currency accounts, global transfers, payment acceptance, and corporate cards.

Furthermore, Airwallex has received an incorporation from the Ministry of Investment in Saudi Arabia, allowing it to establish a new entity within the Kingdom of Saudi Arabia (KSA). This move underscores the company’s dedication to supporting Vision 2030 initiatives and contributing to the region’s growing digital economy.

Enhanced Services for Middle Eastern Merchants

Airwallex is also expanding its offerings in the Middle East for existing merchants. The firm has partnered with Tabby, a BNPL provider, to introduce instalment payment options at checkout points in the UAE and KSA. This collaboration aims to help global merchants boost conversion rates, enlarge their customer basket size, and foster stronger local customer engagement.