Dubai is accelerating its economic modernisation strategy as the UAE currency market expands and regulatory reforms reshape the fintech and payments landscape. The UAE's currency market reached $4.15 billion in 2024 and is projected to grow to nearly $7.39 billion by 2033, supported by an estimated annual growth rate of around 6.6%.
Over the last two decades, Dubai has pursued policies aimed at reducing dependence on commodity exports and positioning the emirate as a global financial centre. Regulatory authorities, including the Central Bank of the UAE (CBUAE) and the Dubai Financial Services Authority (DFSA), have introduced frameworks designed to lower entry barriers for fintech firms and expand the range of licensed financial activities.
Regulatory frameworks and open finance
A key development is the CBUAE Open Finance Regulation announced in April 2024. The regulation requires licensed banks, foreign bank branches and insurers to provide API-based access to customer data and transaction services for approved Open Finance Providers. This move is intended to enable new business models in payments, data-driven services and customer-facing financial applications within a regulated environment.
Complementing these measures, the DFSA has established sandbox environments that, along with innovation hubs at Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), provide controlled testing conditions for emerging financial services. These platforms have attracted algorithmic trading firms, liquidity providers and payment companies through specialised licensing regimes and supervised experimentation.
Upcoming licensing changes and remittance focus
Further regulatory changes are planned for mid-2026, including new licensing categories for FX and digital remittance providers. One highlighted example is a 100% foreign-owned digital remittance licence with capital requirements of around AED 25 million. This structure reflects the UAE's focus on scaling cross-border financial activity while simultaneously strengthening anti-money laundering (AML) and governance standards.
The introduction of these new categories is expected to broaden participation by international firms seeking to establish or expand payment operations in the jurisdiction. Over the past 12–18 months, inbound requests from Forex brokers looking to establish or restructure payment operations in the UAE have risen by an estimated 15–25%, indicating growing interest in the evolving regulatory environment.
Instant payments and wholesale CBDC experiments
The launch of the Aani instant-payments platform in late 2023 marked a significant step in the UAE's payments infrastructure development. Aani supports faster domestic transactions and sits alongside broader initiatives aimed at enhancing the region's financial plumbing.
Dubai has also become an early participant in wholesale central bank digital currency (CBDC) experiments through Project mBridge, alongside China, Hong Kong and Thailand. Participation in such projects underscores the authorities' interest in cross-border settlement innovation and digital monetary infrastructure, complementing domestic reforms in open finance, FX licensing and instant payments.
