Leading the Way: Ziina Secures UAE's First Venture-Backed SVF License from Central Bank

Ziina, a prominent financial platform in the UAE, has obtained the Stored Value Facility (SVF) license from the UAE Central Bank. This achievement allows Ziina to expand its specialised financial services rapidly. It also reinforces its status as one of the few privately-owned fintech firms in the UAE with such authorisation. This development aligns with the UAE Central Bank's goals to drive innovation, enhance financial inclusion, and support economic growth.

The SVF license enables Ziina to offer a wide range of financial services. These include business and consumer accounts, peer-to-peer payments, bill pay, external payment link issuance, QR codes for remote point-of-sale transactions, and prepaid card services. Additionally, Ziina will serve as a principal member of networks like Visa and Mastercard, providing Banking Identification Number (BIN) sponsorships. These offerings aim to support over 557,000 businesses by improving operational efficiency and promoting growth.

The UAE is transitioning towards a cashless society, with SMEs playing a crucial role in this shift. By 2024, 60% of consumers plan to go cashless. The digital payments market in the MENA region is expected to reach $9 billion by 2028, a 124% increase from 2021. This growth is driven by convenience and accessibility. Current trends show a strong preference for credit cards and digital wallets for online transactions. Payment options like Buy Now Pay Later are also gaining popularity.

As part of its Digital Economy Strategy, the UAE aims to double the digital economy's GDP contribution from 9.7% in 2022 to 19.4% within ten years. This strategy underscores the country's commitment to becoming a global hub for digital innovation and economic growth. Ziina's expansion is supported by the UAE's robust infrastructure and dynamic entrepreneurial environment.

SMEs represent 94% of all companies in the UAE and contribute 63.5% to the non-oil GDP. Despite their significance, SMEs often face cash flow issues due to delayed client payments. Ziina's expanded services aim to address these challenges by equipping businesses with tools to improve operational efficiency and promote growth.

Faisal Toukan, CEO and Co-Founder of Ziina, highlighted the importance of securing the license: "Securing this license is a monumental step for us, reinforcing our commitment to the highest standards of compliance and security. The UAE's Central Bank has outlined a bold vision for financial technology, and we are thrilled to work closely with their team to support this vision."

Alongside obtaining the license, Ziina is reportedly raising substantial funds from institutional investors. This financing round aims to support Ziina's growth strategy across the Middle East further strengthening its ability to offer essential financial services in the region.

The Ministry of Economy projects that SME numbers will rise to over 1 million by 2030. This projection highlights the need for reliable financial services that can support long-term success and growth for businesses at every stage.

The Central Bank’s Financial Infrastructure Transformation (FIT) Programme includes initiatives like a domestic card scheme and an instant payments platform aimed at supporting financial inclusion through digital payments.

This regulatory approval allows Ziina to expand its services further while strengthening its role as a dedicated financial partner for SMEs—the backbone of the UAE’s economy—by offering them fast and secure ways to manage their finances effectively.