Yalla Financial Solutions has announced that it has received initial approval from the Central Bank of the UAE to obtain a Category II license for providing retail payment services.
The approval was granted under the UAE Central Bank’s Retail Payment Services and Card Schemes Regulation, which governs payment service activities and card-related systems in the country.
According to the company, the initial approval represents a strategic milestone in its regional expansion journey and demonstrates its commitment to delivering secure payment solutions that comply with the UAE’s regulatory framework.
Expanding Payment Capabilities in the UAE
Once the remaining regulatory requirements are completed and the final licence is granted, Yalla will be able to strengthen and expand its payment service capabilities within the UAE market.
The licence is expected to support the company’s efforts to develop reliable digital payment infrastructure and provide innovative financial solutions tailored to the needs of individuals and businesses.
The move also aligns with the UAE’s broader vision to consolidate its position as a global hub for digital finance and financial technology innovation.
Building Secure and Reliable Payment Infrastructure
Dr. Waleed Sadek, Founder and CEO of Yalla Financial Solutions, described the initial approval as a significant milestone in the company’s development.
He said the approval reflects Yalla’s commitment to building secure, trusted, and innovative payment infrastructure in one of the world’s most advanced digital economies.
Sadek added that the UAE has established itself as a leading global centre for financial innovation, supported by its advanced regulatory environment and ambitious digital transformation strategy.
Working Toward the Final Licence
Yalla plans to work closely with the Central Bank of the UAE to complete the remaining regulatory requirements and secure the final Category II Retail Payment Services licence.
Sadek noted that the UAE continues to play a central role in shaping the future of digital payments through progressive regulatory frameworks and sustained investment in innovation.
The initial approval marks an important step toward expanding Yalla’s presence in the UAE and contributing to the continued development of the region’s digital payments ecosystem.
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