Edenred UAE secures in-principle Central Bank approval for stored value facility license

Dubai, UAE - Edenred UAE, a prominent payroll solutions provider in the country, has received an in-principle approval from the Central Bank of the UAE (CBUAE) for its proposed Stored Value Facility (SVF) license. Established over 18 years ago, Edenred UAE has served more than 20,000 businesses and 2.5 million employees across various industries, including construction, retail, hospitality, and logistics.

The company's reputation is built on operational reliability and regulatory adherence, positioning it as one of the most widely used payroll solutions in the UAE. Currently, Edenred UAE is in the process of fulfilling the remaining requirements set by the CBUAE for a full SVF license. The in-principle approval marks a significant milestone, signifying continuity for businesses and employees who rely on Edenred for payroll services.

This development also underscores the UAE's financial sector's ongoing progress, with a focus on stored-value and payment products, as well as enhancing financial inclusion for a largely unbanked or underbanked workforce. Claudio Di Zanni, Managing Director of Edenred Middle East, expressed pride in attaining this regulatory recognition and reiterated the company's commitment to fulfilling the remaining requirements to achieve full licensing.