Checkout.com has obtained in-principle approval from the Central Bank of the UAE (CBUAE) for a stored value facilities licence, the payments company said on Monday. The clearance covers issuing services, which the London-based firm plans to run alongside the acquiring business it already operates in the country.
The in-principle approval does not constitute permission to operate. It represents the first stage of the CBUAE’s two-step licensing process, and Checkout.com did not provide a date for when the issuing capability would go live. The company is already active as an acquirer in the UAE, so the new approval would add a product line rather than open a new market.
UAE stored value facilities regime
The stored value facilities regime is the mechanism through which the CBUAE licenses non-bank entities to hold customer funds and issue wallets or cards. The framework, which dates back to 2016, has been rewritten as the central bank develops and refines licensing categories for payments and remittance firms.
Under this regime, Checkout.com aims to link its acquiring and issuing services. According to the company, merchants using both products would be able to fund cards directly from balances they have already collected through acquiring. This structure is intended to remove the need for merchants to pre-fund card programmes, with the commercial rationale centred on working capital management.
Peer developments in the UAE payments market
Other international fintech and payments firms have also advanced under the CBUAE’s licensing framework. Revolut received in-principle approval for stored value facilities and retail payment services in September 2025. It converted both approvals into full licences in June, implying a gap of about nine months between preliminary and final authorisations. Revolut has since added a separate provisional approval from Dubai's virtual asset regulator for crypto services.
Remitly announced on July 9 that it had obtained a full stored value facilities licence with Exchange Business Category IV authorisation, describing itself as among the first international remittance companies to hold such a licence.
Checkout.com regional growth
Beyond the new approval, Checkout.com reported growth in its regional business, stating that its total processing volume across the Middle East and North Africa (MENA) increased 62% year over year between 2024 and 2025. The in-principle approval in the UAE adds to this existing presence by potentially broadening the range of services it can offer in the market once full authorisation is granted.
