The Dubai Financial Services Authority (DFSA) has granted IFX Payments a category 3C licence, permitting the company to offer money and custody services locally within the UAE. Clients and partners will now benefit from enhanced product and service capabilities; streamlining their cross-border transactions, reducing their currency risk exposure and simplifying their financial operations.
Dubai is quickly positioning itself as a leading global center for financial technology [1], fueled by a blend of strategic initiatives, strong infrastructure, and a progressive regulatory framework. By 2028, the UAE fintech market's transaction value is expected to reach $80 billion [2], driven by its strategically desirable location, surging local demand for fintech solutions and attractiveness to foreign direct investment.
Having operated as a representative office in Dubai for the past 12 years, IFX Payments has relocated to larger office space in the DIFC with a view to investing significantly into its team. As the Senior Executive Officer, Wasan Zaini will lead the new venture having previously led the company's FX desk in London and the representative office in Dubai where she worked a significant portion of her career.
The category 3C licence represents the next milestone in the company's growth ambitions following on from the acquisition of their Canadian FMSB licence in summer 2023, further strengthening the company's ability to scale its global operations.
Will Marwick, CEO, IFX Payments said: "Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions. By combining seamless international payments with strategic foreign exchange risk management, we're empowering businesses in the region to operate globally with greater confidence and control.
"We're excited to enhance our proposition in the UAE, one of the fastest growing payment hubs, to deliver our customers value beyond the transaction."
Wasan Zaini, Senior Executive Officer, IFX Payments said: "This milestone is a testament to our commitment to providing world-class financial services and innovative solutions to businesses in the UAE. With this enhancement to our services, we look forward to empowering our clients with greater efficiency, flexibility, and control over their payment and treasury operations."