Tabby has gained a Stored Value Facilities (SVF) licence from the Central Bank of the UAE, broadening its financial product lineup beyond credit services.

The SVF authorisation will enable Tabby to manage customer funds and introduce various new financial products such as spending accounts, payment cards, and money management tools.

This development represents a key step in Tabby’s broader mission to transition from a buy now, pay later (BNPL) service provider into a full-fledged financial services platform. With millions of customers already served in the UAE, this SVF licence will allow the company to integrate everyday financial activities like spending, sending money, and managing finances directly within its existing platform.

Dual-market regulatory footprint

Tabby’s acquisition of an SVF licence in the UAE complements the regulatory foundation it has established through its BNPL licence from the Saudi Central Bank (SAMA) and its integration with Tweeq, a SAMA-licensed digital wallet. This dual licensing position is significant as regulators across the Gulf Cooperation Council (GCC) are increasingly formalising oversight of digital financial services.

The SVF authorisation places Tabby in line with the UAE’s expanding regulated segment of the digital finance market. Hosam Arab, CEO and Co-Founder of Tabby, highlighted that the new licence will help serve customers beyond credit and offer a more comprehensive financial experience through their frequently used platform.

This move aligns with a global trend among BNPL providers to expand into broader financial services as they aim to deepen customer engagement and broaden revenue streams. In the GCC region, the combination of a young, tech-savvy population and regulatory frameworks that support non-bank financial services has created a competitive landscape for fintech expansion.

Tabby’s journey from BNPL to a multifaceted financial platform mirrors similar transformations by other regional and international companies, but its extensive customer base in Saudi Arabia and the UAE provides a foundational advantage that is hard for new entrants to replicate quickly.