Nuvei receives preliminary approval for a payment services license in the Middle East.
The move allows the company to offer payment technologies in the UAE eCommerce market.
Nuvei
Canadian
fintech company Nuvei has received in-principle approval for a Retail Services
Category II License from the Central Bank of the United Arab Emirates (UAE),
marking an expansion into the Middle East and North Africa (MENA) region.
Nuvei Secures Retail
Services License in UAE, Expanding Middle East Presence
The license
will allow Nuvei to offer its full suite of payment technologies to businesses
operating in the UAE, including direct local acquiring, payment aggregation
services, and domestic and cross-border fund transfers. This move comes as the
UAE's eCommerce sector is projected to exceed $10 billion in revenue by 2029,
with an annual growth rate of approximately 9%.
Philip Fayer, Nuvei's Chair and CEO
“Expanding
our global licenses portfolio has been a key focus, and we can now offer the
full power of our payment platform to support the growth aspirations of
businesses operating in the UAE,” Philip Fayer, Nuvei's Chair and CEO, commented.
The company
expects that direct local acquiring will provide greater control over the
payment lifecycle, potentially leading to improved payment acceptance rates and
lower processing costs for its customers.
“Our
mission is to connect our customers to their customers more deeply through
payments, wherever those customers are and however they want to pay,” added
Fayer.
This month,
Nuvei
also partnered with ViaPlus, a US-based transport company, to enhance
consumer payment methods for mobility services. Through this partnership, the
companies plan to introduce over 700 new payment methods to improve convenience
and flexibility for users across multiple countries.
Building Global Reach
This
expansion builds on Nuvei's existing commercial presence and partnerships in
the MENA region. It follows recent moves to strengthen the company's global
reach, including securing a Major Payment Institution license
in Singapore and becoming the first global payments company to offer local
direct acquiring in Colombia.
Nuvei's
technology currently enables businesses to accept payments in over 200 markets,
with local acquiring in 50 markets, supporting 150 currencies and 700
alternative payment methods.
As the
company awaits final approval from the UAE Central Bank, Fayer expressed
gratitude for the opportunity, stating, "We're thrilled to be on the cusp
of launching our best-in-class services, including direct local acquiring, in
such a fast-growing digital eCommerce market."
Nuvei is
currently a publicly traded company, but this is about to change. In April, the
company announced its intention to go private in
a $6.3 billion deal with Advent International. Final court approval for
this matter was
issued last week, and the arrangement is set to be finalized between 2024
and 2025.
Canadian
fintech company Nuvei has received in-principle approval for a Retail Services
Category II License from the Central Bank of the United Arab Emirates (UAE),
marking an expansion into the Middle East and North Africa (MENA) region.
Nuvei Secures Retail
Services License in UAE, Expanding Middle East Presence
The license
will allow Nuvei to offer its full suite of payment technologies to businesses
operating in the UAE, including direct local acquiring, payment aggregation
services, and domestic and cross-border fund transfers. This move comes as the
UAE's eCommerce sector is projected to exceed $10 billion in revenue by 2029,
with an annual growth rate of approximately 9%.
Philip Fayer, Nuvei's Chair and CEO
“Expanding
our global licenses portfolio has been a key focus, and we can now offer the
full power of our payment platform to support the growth aspirations of
businesses operating in the UAE,” Philip Fayer, Nuvei's Chair and CEO, commented.
The company
expects that direct local acquiring will provide greater control over the
payment lifecycle, potentially leading to improved payment acceptance rates and
lower processing costs for its customers.
“Our
mission is to connect our customers to their customers more deeply through
payments, wherever those customers are and however they want to pay,” added
Fayer.
This month,
Nuvei
also partnered with ViaPlus, a US-based transport company, to enhance
consumer payment methods for mobility services. Through this partnership, the
companies plan to introduce over 700 new payment methods to improve convenience
and flexibility for users across multiple countries.
Building Global Reach
This
expansion builds on Nuvei's existing commercial presence and partnerships in
the MENA region. It follows recent moves to strengthen the company's global
reach, including securing a Major Payment Institution license
in Singapore and becoming the first global payments company to offer local
direct acquiring in Colombia.
Nuvei's
technology currently enables businesses to accept payments in over 200 markets,
with local acquiring in 50 markets, supporting 150 currencies and 700
alternative payment methods.
As the
company awaits final approval from the UAE Central Bank, Fayer expressed
gratitude for the opportunity, stating, "We're thrilled to be on the cusp
of launching our best-in-class services, including direct local acquiring, in
such a fast-growing digital eCommerce market."
Nuvei is
currently a publicly traded company, but this is about to change. In April, the
company announced its intention to go private in
a $6.3 billion deal with Advent International. Final court approval for
this matter was
issued last week, and the arrangement is set to be finalized between 2024
and 2025.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
