Dubai – Sharikat Mubasher: Ziina, the UAE’s leading financial platform supporting consumers and entrepreneurs, announces that it has secured the Stored Value Facility (SVF) license from the UAE Central Bank.

This marks a significant milestone for Ziina, enabling it to rapidly expand its range of specialized financial services and reinforcing its position as one of the only privately owned fintech in the UAE with such authorization, according to the company’s press release.

This major achievement aligns with the UAE Central Bank’s strategy to drive innovation, enhance financial inclusion, and support economic growth, emphasizing the country's commitment to becoming a global leader in the digital economy.

Ziina’s SVF license will enable it to provide comprehensive financial services, including business and consumer accounts, peer-to-peer payments, bill pay, external payment link issuance, QR codes for remote point-of-sale transactions, and prepaid card services.

 The company will also serve as a principal member of networks such as Visa and Mastercard, offering sponsorships for the Banking Identification Number (BIN). These services are designed to support over 557,000 businesses, improving operational efficiency and promoting growth.

On this occasion, Faisal Toukan, CEO and Co-Founder of Ziina, emphasized the importance of the license as he said: “Securing this license is a monumental step for us, reinforcing our commitment to the highest standards of compliance and security. The UAE’s Central Bank has outlined a bold vision for financial technology, and we are thrilled to work closely with their team to support this vision. This regulatory approval allows us to expand our services further, strengthening our role as a dedicated financial partner for SMEs—the true backbone of the UAE’s economy—by offering them a fast and secure way to send, receive, and grow their money.”

As part of the UAE’s ambitious Digital Economy Strategy, the country aims to double the digital economy’s contribution to its GDP from 9.7% in 2022 to 19.4% within the next decade.

 This strategy demonstrates the UAE's commitment to becoming a global hub for digital innovation and economic growth.

 Ziina’s growth is fueled by the UAE’s robust infrastructure, extensive connectivity, and dynamic entrepreneurial environment.

 The Central Bank’s nine-pronged Financial Infrastructure Transformation (FIT) Programme, which includes initiatives like a domestic card scheme and an instant payments platform, aims to support financial inclusion and enable a cashless society through digital payments.