Dubai-based payments firm Fuse Financial Technologies (Fuse) announced securing the Dubai International Financial Centre (DIFC) licence for digital remittances.
The license will enable the company to cater to the growing demand for remitting money into the UAE, the company said in a media release.
With its newly acquired licence, Fuse can now serve new and existing global corporate customers who are looking to further expand their products and services to the Middle East.
Co-founder and CEO George Davis said the company’s mission is to make MENA simple and accessible for global businesses.
“The Money Services Business licence allows us to quickly launch products for customers through our virtual IBANs and domestic and international payments infrastructure,” he said.
Fuse secured the license at a time when the UAE’s digital remittances market projected to exceed $7.5 billion this year, and transaction value forecasted to grow by a CAGR (compound annual growth rate) of over three percent to reach nearly $8.5 billion by 2028.
Seamlessly facilitating payments for global businesses in and around the Middle East, the company’s DIFC licence is regulated by the Dubai Financial Services Authority (DFSA).
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