IPO-Bound PhonePe Secures In-Principle Nod For UAE Payments Business
Walmart-backed PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licences, taking the…
PhonePe, the IPO-bound Indian fintech giant, has received provisional approval from the Central Bank of the UAE (CBUAE) to establish its first regulated payments operation outside India. The approval covers two key licences: Retail Payment Services and Card Schemes (RPSCS), and Stored Value Facilities (SVF). These approvals position PhonePe to collaborate with local banks, payment service providers, and technology vendors in the UAE, as well as support the country's domestic payment networks, Aani and Jaywan.
PhonePe's IPO had been postponed due to geopolitical tensions and market volatility, but the fintech company is now expected to resume its public listing plans between February and March 2027.
Written by urgent.news from Inc42's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
