Dubai, UAE — Ziina, the UAE’s leading financial platform for consumers and entrepreneurs, has achieved a significant milestone by securing the Stored Value Facility (SVF) license from the UAE Central Bank. This landmark authorization positions Ziina as one of the few privately-owned fintech companies in the UAE to receive such approval, underscoring its commitment to compliance, security, and financial innovation.
This development aligns with the UAE Central Bank’s broader strategy to foster innovation, enhance financial inclusion, and support economic growth. The move is part of the UAE’s ambitious goal to solidify its status as a global leader in the digital economy.
Empowering Financial Services for the Digital Economy
With the SVF license, Ziina is set to expand its range of specialized financial services, which now includes business and consumer accounts, peer-to-peer payments, bill payments, external payment link issuance, QR codes for remote point-of-sale transactions, and prepaid card services. Additionally, Ziina will serve as a principal member of global networks like Visa and Mastercard, enabling it to offer Banking Identification Number (BIN) sponsorships. These comprehensive services are poised to support over 557,000 businesses across the UAE, helping to improve operational efficiency and foster economic growth.
SMEs, which account for 94% of all companies in the UAE and contribute 63.5% to the non-oil gross domestic product (GDP), play a vital role in the country’s economy. However, many SMEs face cash flow challenges due to delayed payments. Ziina’s expanded offerings aim to address these issues, providing businesses with the tools they need to thrive in a competitive market.
Driving Financial Inclusion and the Shift Towards a Cashless Society
As the UAE moves swiftly towards a cashless society, SMEs are expected to play a crucial role in this transition. By 2024, 60% of UAE consumers plan to go cashless, a trend that aligns with the rapidly growing digital payments market in the MENA region. According to GlobalData, the market is projected to reach $9 billion by 2028, a 124% increase from 2021, driven by the convenience and accessibility of digital payment solutions.
The UAE is witnessing a strong preference for credit cards and digital wallets, particularly for online transactions, while the popularity of Buy Now Pay Later (BNPL) options continues to rise, fueled by the expanding e-commerce sector.
Faisal Toukan, CEO and Co-Founder of Ziina, emphasized the significance of the SVF license: “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.”
Supporting the UAE’s Vision for a Digital Economy
Ziina’s growth is closely tied to the UAE’s ambitious Digital Economy Strategy, which aims to double the digital economy’s contribution to GDP from 9.7% in 2022 to 19.4% by 2032. This strategy highlights the UAE’s determination to become a global hub for digital innovation and economic growth. Ziina is poised to play a crucial role in this vision, supported by the country’s robust infrastructure, extensive connectivity, and dynamic entrepreneurial ecosystem.
The Central Bank’s Financial Infrastructure Transformation (FIT) Programme, which includes initiatives such as a domestic card scheme and an instant payments platform, is designed to promote financial inclusion and support the transition to a cashless society through digital payments.
As part of its growth strategy, Ziina is also reportedly in the process of raising substantial financing from institutional investors. This funding will further bolster Ziina’s ability to expand its services across the Middle East, solidifying its position as a key player in the region’s financial landscape.
