PhonePe gains UAE permit
The Indian digital payments platform "PhonePe" has announced that it has received preliminary approval from the Central Bank of the United Arab Emirates for two licenses that will allow it to offer payment services to individuals, operate payment card systems, and hold value. This move is part of its strategy to expand beyond India and enter the UAE market. The step requires completing final licensing procedures before commencing commercial operations, and the company will collaborate with local banks and payment service providers to strengthen its presence in a market that heavily relies on fintech and digital services. The company's plans to list on the Indian stock market remain postponed due to market conditions, as it seeks to capitalize on the growing electronic payments sector in the UAE.
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