Tap Payments Secures Full UAE License, Completing GCC Regulatory Sweep
Leading MENA fintech company Tap Payments has been awarded a Retail Payment Services License by the Central Bank of the UAE (CBUAE). This significant approval marks the completion of Tap Payments' regulatory licensing across all six Gulf Cooperation Council (GCC) countries, solidifying its position as one of the most comprehensively licensed payment providers in the region.
Milestone Achieved: Full GCC Licensing Sweep
Obtaining the full license in the UAE represents a major milestone for Tap Payments. Having already secured approvals in Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman, the addition of the UAE license means the company is now fully regulated to operate across the entire GCC market. This reinforces Tap Payments' commitment to compliance as it pursues its mission to unify and simplify the digital payments landscape across MENA.
UAE's Booming Fintech & Payments Scene
The UAE, particularly Dubai and Abu Dhabi, has rapidly emerged as a leading fintech hub in the Middle East, home to the largest number of fintech and payments companies in the region (cited as 184 firms). The digital payments sector is experiencing explosive growth, projected to reach over $80 billion in transaction value by 2025, fueled by government initiatives like the UAE's Digital Economy Strategy and CBUAE's Fintech Strategy, which aim for a largely cashless economy by 2026.
What the License Means for Tap Payments
This CBUAE license authorizes Tap Payments to offer key services like merchant acquisition and payment aggregation within the UAE. It enhances the company's ability to provide its full suite of secure, efficient, and locally compliant payment products to businesses operating in the Emirates. Ahmad Alwazzan, Tap Payments' Managing Director for the UAE, stated the license aligns Tap with the UAE's vision for a "future-proof, digitally driven financial landscape."
About Tap Payments
Founded in Kuwait in 2014 by Ali Abulhasan (Co-Founder & CEO), Tap Payments is a major payment institution and technology provider focused on transforming digital transactions across the MENA region. It serves over 120,000 businesses of all sizes, from SMEs to large enterprises like flydubai, Talabat, Careem, and TikTok. Tap simplifies online and offline payment acceptance by unifying regional and international payment methods (including local networks like Mada, KNET, Benefit, plus Visa, Mastercard, Amex, Apple Pay, etc.) under a single integration through products like goSell, goTap, and goCollect.
Looking Ahead
With regulatory approvals now complete across the GCC, Tap Payments is strongly positioned to deepen its market penetration and continue its growth trajectory in the UAE and the wider MENA region. This license allows it to fully deploy its market-leading solutions for UAE businesses, further contributing to the nation's ambitious digital transformation and cashless economy goals. The increasingly dynamic and regulated payments landscape suggests continued innovation and competition ahead.
Source: Zawya