ZAWYA-PRESSR: Tabby secures wallet licence in the UAE
Dubai, United Arab Emirates: Tabby has been granted a Stored Value Facilities (SVF) licence by the Central Bank of the UAE (CBUAE), authorising the company to hold customer funds and introduce a new suite of financial products, including spending accounts, cards and money management tools.
The licence marks a major step in Tabby's evolution into a full service financial services app in the UAE, where it already serves millions of customers. It enables the company to embed everyday financial services including spending, sending and managing money into a platform customers already trust and use regularly.
Regulated across the GCC
Tabby now holds direct regulatory authorisation in its two largest markets. In Saudi Arabia, the company received its Buy Now Pay Later license from the Saudi Central Bank (SAMA) last year and acquired Tweeq, a SAMA-licensed digital wallet. The UAE SVF licence further strengthens Tabby’s regulatory foundation, enabling it to build and launch financial products across the GCC on its own infrastructure.
Hosam Arab, CEO and Co-Founder of Tabby, said: "Millions of people in the UAE already use Tabby for flexible payments. This licence lets us serve them beyond credit and build an experience that delivers what money should actually feel like."
About Tabby
Tabby is a financial technology company that gives millions of people power over their money and flexibility in everyday spending. Over 65,000 global and local brands including SHEIN, Amazon, Adidas, IKEA, Jarir, Samsung and noon use Tabby's technology to accelerate growth and gain loyal customers. Headquartered in Riyadh, Tabby serves Saudi Arabia, the UAE and Kuwait.
For media enquiries: press@tabby.ai
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