Dubai – Sharikat Mubasher: Cross-border payments platform Taptap Send is expanding its footprint in the UAE after receiving three key licenses from the Central Bank of the UAE (CBUAE), allowing the company to offer a wider range of digital financial services, including wallets, cards and local payment solutions.

As per a recent press release, the company received licenses for Stored Value Facilities, Retail Payment Services (Category II) and Exchange Business (Category IV), allowing it to offer a broader suite of services beyond international money transfers.

With the new approvals, Taptap Send will be able to provide a full financial ecosystem for its customers in the UAE, including local and international payments, digital wallets and payment cards, targeting the country's large expatriate population.

The licensing marks a major milestone for the company, which processes billions of dollars in cross-border transactions annually. Taptap Send serves millions of users across more than 35 sending markets and enables transfers to recipients in over 80 countries.

Michael Faye, CEO and co-founder of Taptap Send, said the UAE's diverse population and commitment to financial innovation make it an ideal market for the company's mission of making global payments faster, more affordable and accessible. He added that the approvals reflect the trust placed in the company by the Central Bank and strengthen its ability to support expatriate communities with a broader range of digital financial services.