Dubai, UAE – Wise, the global technology firm specializing in cross-border money transfers, has received regulatory approvals from the Central Bank of the United Arab Emirates (CBUAE). This authorization paves the way for Wise to introduce its range of financial products to the UAE, a hub characterized by its diverse population of more than 200 nationalities and an annual cross-border money flow estimated at $40 billion.
The regulatory approvals encompass two key categories: Stored Value Facilities and Retail Payment Services – Category 2. This achievement marks a significant step towards offering Wise’s services to both individual and business customers within the UAE. Notable products expected to be launched include the Wise Account and Wise Business, designed for streamlined sending, spending, and receiving of payments. With over 15 million customers globally, Wise processes approximately $48 billion in cross-border transactions each quarter and holds around $28 billion in its various accounts.
Joyce Lau, Wise’s Country Manager for the UAE, expressed appreciation for the collaborative approach taken by the CBUAE in fostering an innovative financial landscape. Lau stated, “These regulatory approvals mark a significant milestone for Wise in the UAE, and we’re grateful for the CBUAE’s collaborative approach and commitment to fostering financial innovation. We’ll be able to provide people and businesses with all the tools that make international money management faster, cheaper, and more transparent. For the UAE’s diverse population, this means access to a truly global financial account that works seamlessly across borders.”
The approvals underscore Wise’s commitment to expanding its regulatory reach, which now spans over 70 licenses worldwide. Earlier this year, Wise obtained in-principle regulatory approval from the Reserve Bank of India (RBI) to function as a payment aggregator, enhancing its offerings for businesses in that region. Additionally, in Australia, Wise secured a license for investment services, allowing users to earn returns on their account balances through its Assets feature.
Since its inception in 2011, Wise has developed as one of the fastest-growing and profitable tech companies. In the fiscal year 2025, the company supported approximately 15.6 million users, facilitating over $185 billion in cross-border transactions and providing customers with substantial savings estimated at $2.7 billion.
As Wise prepares to launch its services in the UAE, it aims to deliver enhanced tools and solutions for international money management, addressing the growing demand for efficient cross-border financial services in a rapidly globalizing world.
