MultiPass secures licence to provide financial services in the UAE

MultiPass, a part of Dyninno Group, has obtained a financial services licence in the UAE, regulated by the Dubai Financial Services Authority (DFSA).

This milestone marks a significant step for the bank challenger which provides financial solutions for businesses with cross-border activity. In a statement, the firm said the licence enables its clients to access local UAE currency and local payout options for more seamless transactions.

MultiPass offers a multi-currency business account with a live FX desk that allows international companies to manage their bank transfers in foreign markets. It’s offering includes local dedicated UK, US, and EU accounts, as well as a single multi-currency IBAN supporting multiple global currencies.

For its clients the UAE is seen as a strategic gateway to the Middle East, providing a path to a broader market and new business opportunities.

Speaking on the milestone, Rami Chedid, CEO of MultiPass for the UAE and the Middle East, said: “The Middle East is a region that offers a great potential for growth and innovation. This expansion is in line with our vision to provide exceptional financial services and create value for our clients – international businesses with frequent cross-border payment flows.”