Tabby, a digital financial services platform, has received a license for stored value facilities from the Central Bank of the UAE. This grants the company the legal authority to hold customer funds and introduce a new array of financial products, such as spending accounts, cards, and money management tools.
This milestone marks a significant advancement in Tabby’s evolution towards becoming a comprehensive financial services application in the UAE, where it serves millions of users. The license enables the company to integrate daily financial services, including spending, transfers, and money management, within a single platform that customers trust and rely on regularly.
Hossam Arab, co-founder and CEO of Tabby, stated, “Millions of people in the UAE depend on Tabby for flexible payment options. This license allows us to broaden our services beyond credit solutions, offering our customers an enhanced financial experience that exceeds their expectations.”
Currently, Tabby holds two direct regulatory licenses to operate, and the acquisition of the stored value facilities license in the UAE bolsters the company’s regulatory framework. This allows it to develop and launch financial products across the Gulf Cooperation Council (GCC) region within its infrastructure.