Global fintech firm Airwallex is stepping up its Middle East expansion with key regulatory approvals, new operations, and regional partnerships aimed at scaling its payments and financial services offering across the Gulf.
The company has received in-principle approval from the Central Bank of the UAE for both Stored Value Facilities and Retail Payment Services (Category II) licences. The authorisations will allow Airwallex to introduce a Stored Value Facilities wallet, designed to support businesses of all sizes, including SMEs, and roll out services such as multi-currency accounts, global transfers, payment acceptance, and corporate cards.
Airwallex said it is now ramping up recruitment and office capacity in the UAE ahead of its official launch.
In neighbouring Saudi Arabia, the company has also established a new entity following approval from the Ministry of Investment, a move it says reflects its commitment to contributing to the kingdom’s Vision 2030 strategy and digital economy ambitions.
Alongside regulatory progress, Airwallex has partnered with Tabby, one of the Middle East’s largest buy now, pay later (BNPL) providers. The collaboration will enable BNPL payment options for merchants in both the UAE and Saudi Arabia, giving global retailers the tools to offer localised checkout experiences, improve conversion rates, increase transaction sizes, and boost shopper engagement in Gulf markets.
Jack Zhang, Co-Founder and CEO of Airwallex, said, “We are building the future of global banking and finance, and when you consider the UAE’s 2031 Vision and Saudi Vision 2030, nowhere is more forward-looking than the Middle East. This is why it is so exciting to have secured our In-Principle Approval for payments licence in the UAE, and established our first entity in KSA.”
“Market entry in the region will not only empower our 150,000 existing global customer base, but it will also create huge opportunities for local businesses – big and small. To be fully global we also need to be hyper local, and we are delighted to be working on how to bring Airwallex’s cutting-edge solutions to this critical, energetic, and fast-growing region.”
Jeanette Chan, Chief Legal, Compliance and Risk Officer at Airwallex, added, “As an infrastructure-first company, we have spent ten years diligently working with regulators and building our infrastructure. We now have over 60 licences and permits globally, and these new steps in the UAE and Saudi Arabia are an exciting part of our broader strategy to provide our customers with the right technology and opportunities to be ‘default global’ across our entire product suite”.
The push into the Middle East comes as Airwallex continues to accelerate its global growth. The company recently closed a US$300 million Series F funding round, valuing it at US$6.2 billion, and signed a global partnership with Arsenal Football Club, expanding on its existing collaboration with McLaren Racing.
