IPO-Bound PhonePe Secures In-Principle Nod For UAE Payments Business

by · Inc42

SUMMARY

  • PhonePe has received in-principle approval from the Central Bank of the UAE for two payment licences, taking it closer to launching commercial operations in the country.
  • The UAE could become PhonePe’s first overseas market for domestic operations, expanding the fintech major beyond the cross-border UPI services it currently offers Indian travellers.
  • Following final approval, PhonePe plans to work with regional banks and payment providers and explore supporting the UAE’s Aani and Jaywan payment networks.