Summary
Checkout.com won in-principle approval from the Central Bank of the UAE for a stored value facilities licence covering card issuing. The London-based payments company wants to run issuing alongside the acquiring business it already operates in the country, allowing merchants to fund cards directly from balances they have already taken in — removing the need to pre-fund card programs.
The approval is the first stage of the CBUAE's two-step process. Revolut took roughly nine months to convert the same provisional nod into a full licence, and Remitly collected a full licence earlier in July. Checkout.com's total processing volume across MENA grew 62% year-over-year between 2024 and 2025.
Key Facts
- In-principle approval from CBUAE for stored value facilities licence
- Covers card issuing alongside existing acquiring business
- Merchants could fund cards from acquired balances, removing pre-funding need
- Revolut took ~9 months to convert similar provisional approval to full licence
- Remitly received full licence on July 9
- MENA processing volume grew 62% YoY (2024-2025)
- Checkout.com is already an acquirer in the UAE
Why It Matters
The UAE is emerging as a critical battleground for global payments firms. Checkout.com's approval — following Revolut and Remitly — signals that the CBUAE is actively building out its licensing framework for non-bank payment firms. The stored value facilities regime enables non-banks to hold customer funds and issue wallets or cards, creating a new competitive dynamic in the region's payments market.
For Checkout.com, the issuing licence adds a product line rather than opening a new market, but the commercial argument — reducing working capital friction for merchants — could be compelling if the mechanics work as advertised.