The Central Bank of the UAE has granted Checkout.com in-principle approval to operate under a Stored Value Facilities licence, according to a statement issued by the Emirates News Agency. This regulatory step permits the London-headquartered fintech to issue electronic money and maintain customer funds in digital accounts once final authorisation is secured. The approval forms part of the central bank’s ongoing framework to regulate digital payment providers while fostering innovation in the UAE’s financial technology sector. Industry filings show that several international firms have pursued similar licences in recent years to access the growing e-commerce landscape.
Checkout.com said in a statement that the approval marks an important milestone for its regional operations centered in Dubai. The company, which handles payments for major brands across more than 190 countries, plans to deepen partnerships with local businesses once the full licence is activated. Central Bank of the UAE data from its latest annual report indicate that licensed payment institutions processed transactions worth hundreds of billions of dirhams in the preceding fiscal year, underscoring the scale of the market the firm seeks to enter.
A PwC Middle East assessment of the GCC fintech sector placed the UAE among the fastest-adopting jurisdictions for digital payments, with regulatory sandboxes accelerating approvals for compliant operators. The Stored Value Facilities category specifically governs entities that store monetary value for users, distinct from full banking licences but subject to strict capital and compliance thresholds set by the regulator. Checkout.com’s application underwent review for anti-money laundering controls, cybersecurity standards and consumer protection measures before the preliminary nod was issued.
The fintech firm’s Middle East presence has expanded since it opened its Dubai office, supporting cross-border trade that the World Bank data shows accounted for a rising share of UAE non-oil GDP. Similar in-principle approvals have previously been extended to other global players, creating a competitive landscape that the central bank monitors through periodic stress tests and reporting requirements. Checkout.com noted in its announcement that the licence will allow tailored solutions for merchants operating in high-growth verticals such as retail and logistics.
According to the Central Bank of the UAE’s published licensing registry, the authority has issued more than 80 fintech-related approvals since launching its dedicated innovation hub. The regulator’s framework requires applicants to demonstrate robust governance and operational resilience, conditions that Checkout.com confirmed it has met at the in-principle stage. Full activation of the licence will follow completion of remaining setup and audit procedures outlined in the central bank’s guidelines.
Checkout.com stated that the development aligns with its broader strategy to support seamless digital commerce across the Middle East and North Africa region. The company processes an annualised volume exceeding $200 billion globally, figures it referenced in the announcement to illustrate its experience with regulated markets. Central Bank of the UAE officials have repeatedly emphasised that such approvals contribute to the country’s ambition of becoming a leading financial innovation centre by the end of the decade.
