Wise has been granted regulatory approval by the Central Bank of the United Arab Emirates (CBUAE) to offer its services in the country, marking a significant step towards enhancing international money movement and management.

This development underscores the growing importance of fast, secure, and cost-effective cross-border financial services for both personal and business users.

The CBUAE has issued Wise licenses in two categories: Stored Value Facilities and Retail Payment Services – Category 2. These approvals pave the way for Wise to introduce its suite of products such as Wise Account and Wise Business, which facilitate international money transfers with greater speed, transparency, and convenience.

Details on Wise’s Licensing Approvals

In line with these licensing developments, Wise is positioning itself to significantly expand its global presence. The company aims to provide individuals and businesses in the UAE access to its tools designed to streamline international money management processes. This strategy is particularly beneficial for the UAE’s diverse population by offering a secure and efficient way to handle financial transactions across borders.

In addition, Wise recently updated its user accounts to include direct access to Pix features. This enhancement follows the successful implementation of similar capabilities in Brazil, where users have widely adopted adding money with Pix as an easy and convenient method for converting currencies and making payments.

Wise’s Partnership with Upwork

In another strategic move, Wise partnered with Upwork to optimize international payment options for freelancers. This collaboration introduces Wise Platform as a new infrastructure partner, enabling faster cross-border payments in selected markets. Specifically, freelance users in South America, Asia-Pacific, and parts of Europe will benefit from improved payment experiences through the Direct to Local Bank option.