Tabby Secures UAE Wallet License to Broaden Financial Services Offering
UAE-based fintech Tabby has obtained a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), marking a significant step in its effort to expand beyond buy now, pay later (BNPL) services. The approval allows the company to hold customer funds and introduce new financial products in the UAE, including spending accounts, cards and money management tools.
The license supports Tabby’s strategy to evolve into a more comprehensive financial platform for users in the country. According to the company, millions of people in the UAE already use Tabby for flexible payments, and the new authorization will enable it to offer a broader range of services through a single platform.
With the SVF license in place, Tabby said it will be able to integrate spending, sending and managing money within one ecosystem. The move reflects a wider trend among fintech firms in the region that are expanding from narrow payment use cases into more complete digital finance offerings.
The UAE approval also means Tabby now holds regulatory authorisation in its two largest markets. In Saudi Arabia, the company secured a BNPL license from the Saudi Central Bank (SAMA) last year. It also acquired Tweeq, a SAMA-licensed digital wallet, further strengthening its position in the Saudi market.
By securing licenses in both the UAE and Saudi Arabia, Tabby has expanded its regulatory foundation across the GCC. The company said this will support the development of financial products on its own infrastructure across the region.
Hosam Arab, CEO and Co-Founder of Tabby, said the approval gives the company room to serve users beyond credit. He noted that millions of people in the UAE already use Tabby for flexible payments and that the new license will allow the company to build an experience focused on how money should feel for customers.
Industry Analysis
Tabby’s SVF license highlights the growing importance of regulatory approvals for fintechs looking to deepen customer relationships and diversify revenue streams. In the UAE, where digital financial services continue to develop quickly, the ability to offer wallets, accounts and cards may help Tabby compete more directly with broader financial platforms rather than remaining limited to BNPL.
The move may also signal increased competition in the regional fintech market as companies seek to combine payments, storage of funds and money management within unified consumer apps. For Tabby, regulatory clearance in both the UAE and Saudi Arabia provides a stronger base for product expansion and may accelerate its transition into a full-service financial services provider.
