In a strategic move to enhance its service capabilities and strengthen its compliance standing, IFX Payments has received a Category 3C license from the DubaiFinancial Services Authority.
This will allow the company to deliver cross-border transactions and currency management solutions to customers across the UAE.
According to Switzerland Global Enterprise, the UAE fintech market is expected to reach US$80bn in transaction value by 2028, making it a strategically important region. This expansion helps IFX gain an early advantage in an innovation-led ecosystem.
Wasan Zaini, Senior Executive Officer, IFX Payments, has been appointed to lead the Dubai office because of his extensive experience in the market.
Wasan says: “This milestone is a testament to our commitment to providing world-class financial services and innovative solutions to businesses in the UAE.
“With this enhancement to our services, we look forward to empowering our clients with greater efficiency, flexibility, and control over their payment and treasury operations.”
The 3C licence from the DFSA
The Category 3C licence, issued by the Dubai Financial Services Authority (DFSA), empowers financial firms to carry out a range of financial services, including:
- Managing collective investment funds
- Managing assets
- Providing custody
- Providing trust services
- Offering money services
This allows IFX Payments to transition from a non-operational representative office to a fully authorised service provider across the UAE financial market.
UAE clients can now access compliant, more integrated and faster international payment solutions. IFX Payments cuts barriers that normally complicate or slow down cross-border transfers by operating locally in the UAE market.
The license will allow IFX to offer secure custody of financial assets and funds under a locally regulated framework.
The UAE continues to secure its position as a regional fintech leader. This is down to progressive regulatory bodies like the DFSA, the DIFC’s legal and financial infrastructure and strategic national initiatives that strive to turn the UAE into a global digital finance hub.
IFX Payments will demonstrate its long-term commitment to the market by aligning with this regulatory environment. This will secure trust among regulators, clients and partners.
Customer-centric innovation
IFX Payments operates a service-led alternative banking model that is tailored to the needs of financial institutions and corporate clients.
It integrates personalised support with advanced digital infrastructure to offer FX risk management solutions and seamless international payments.
IFX Payments offers tailored FX solutions to support clients in protecting profit margins and managing exposure, including forward contracts, spot contracts and limit and stop-loss orders.
Its new Category 3C license from the DFSA allows it to fully operate its service-led alternative banking model in the UAE.
This license will mean the company can support its core offering of tailored FX solutions for corporates and financial institutions by providing money and custody services locally.
Not only will operating under UAE regulations help to enhance compliance, client trust and operational flexibility, but it will also align with rising local demand for tech-enabled, scalable financial services.
IFX Payments can utilise this license to support businesses with efficient international transactions and its global expansion.
Will Marwick, CEO, IFX Payments, says: “Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions.
“By combining seamless international payments with strategic foreign exchange risk management, we’re empowering businesses in the region to operate globally with greater confidence and control.
“We’re excited to enhance our proposition in the UAE, one of the fastest-growing payment hubs, to deliver our customers value beyond the transaction.”
The impact on the fintech industry
IFX Payments’ emergence in the UAE market with the Category 3C license will boost the region’s position as a global fintech hub.
The presence of an international, regulated fintech, such as IFX, will push for higher standards of transparency, compliance and client service.
This could accelerate the adoption of FX risk solutions and digital treasury tools among UAE-based businesses.
IFX’s focus on platform-led efficiency and tailored support may help catalyse the move towards more customer-centric fintech models across the region.
Overall, this move will support the expansion and presence of the UAE’s fintech market.
Source: Fintech Magazine
