Taptap Send Secures Three CBUAE Licenses to Broaden UAE Payments Services
Cross-border payments provider Taptap Send has received three regulatory licenses from the Central Bank of the UAE (CBUAE), giving the company approval to offer stored value facilities, retail payment services under Category II, and exchange business under Category IV.
The approvals mark a significant expansion for the company in the UAE, enabling it to move beyond its core remittance business and develop a wider financial services offering for diaspora communities in the country. With the new licenses in place, Taptap Send can now work toward providing local payments, digital wallets, and cards, alongside its existing international transfer services.
Taptap Send currently focuses on cross-border money transfers, serving customers in more than 35 countries and sending funds to recipients across more than 80 destinations worldwide. The newly granted permissions open the door for the company to build a more comprehensive onshore payments ecosystem in the UAE.
Michael Faye, CEO and Co-Founder of Taptap Send, said the UAE’s demographic profile and policy direction make it a natural market for the company’s expansion.
“The UAE is unlike anywhere else on earth, with over 200 nationalities and a government that has put financial inclusion and innovation at the heart of its national agenda,” Faye said.
He added that serving this diverse population aligns with the company’s mission and acknowledged the regulatory support received from the central bank.
What the licenses cover
The CBUAE approvals include stored value facilities, which are commonly used to support digital wallet-style payment products; retail payment services, which allow licensed firms to offer payment processing and related consumer services; and exchange business, which covers currency exchange activities. Together, the three licenses give Taptap Send broader operational flexibility in one of the region’s most active financial hubs.
The move also reflects the company’s intention to deepen its presence in the UAE’s payments market, where demand for digital financial services continues to grow among residents, expatriates, and remittance users.
Industry Analysis
Taptap Send’s regulatory approvals highlight the UAE’s continued role as a competitive market for fintech expansion, particularly for companies focused on cross-border transfers and financial services for expatriate communities. By securing permissions across multiple payment categories, the company is positioning itself to compete not only in remittances but also in adjacent services such as wallets and local payment solutions.
For the wider industry, the development signals that regulators in the UAE remain open to enabling new financial models, provided firms meet licensing requirements. It also suggests that the line between remittance providers and broader digital payment platforms is becoming increasingly blurred as fintechs seek to offer more integrated services to users.
