Fuse Financial Technologies (Fuse), a cross-border payments business in the Middle East for global entities has been granted its DIFC (Dubai International Financial Centre) licence.
With the UAE’s digital remittances market projected to exceed $7.5 billion this year, and transaction value forecasted to grow by a CAGR (compound annual growth rate) of 3.08% to reach nearly $8.5 billion by 2028, the licensing will enable the company to cater to the growing demand for remitting money into the UAE.
Speaking on the milestone, George Davis, Co-Founder and CEO of Fuse, said: “Our mission is to make MENA simple and accessible for global businesses, and this fuelled our decision to work with the DFSA as its understanding of both local and international payments is essential in realising our ambition. Furthermore, the DFSA’s focus on innovation, as well as its ability to drive regulation that supports global financial institutions and local fintechs, made our choice easy.”
Obtaining a client money account can be a challenge in the UAE with some applicants holding their approval in principle for as long as three years before they can operationalise it. Fuse’s long-standing banking relationships helped them expedite the process, enabling them to hold client money accounts in accordance with regulatory requirements from an early stage. With its newly acquired licence, Fuse will serve new and existing global corporate customers who are looking to further expand their products and services to the Middle East.
Davis added: “Since our inception, compliance has been at the heart of our business and our products, as reflected in our decision to hire our Chief Compliance Officer, Kathryn Willis, as a founding team member. Kate’s experience in enforcement at the FCA, and later in international compliance for regulated firms such as Facebook and TrueLayer, has proven vital for Fuse.”
With the Money Services Business licence, Fuse can also quickly launch products for customers through its Virtual IBANs and Domestic and International payments infrastructure.To date, a key part of the company’s focus has been on helping payment companies, creator economy apps, employers of record (EORs) and platform businesses to make payments in and around the region without needing to focus on local entities, licences, and currencies.
