Fuse Financial Technologies secures license from DIFC to boost the MENA payments landscape
Fuse Financial Technologies, a cross-border payments business in the Middle East for global entities, have announced the acquisition of its DIFC (Dubai International Financial Centre) license.
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, Fuse’s recent DIFC licensing will enable the company to cater to the growing demand for remitting money into the UAE.
Seamlessly facilitating payments for global businesses in and around the Middle East, Fuse’s DIFC license is regulated by the Dubai Financial Services Authority (DFSA).
George Davis (pictured), Co-Founder and CEO of Fuse, explained, “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. However, 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. Now, with its newly acquired license, 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. Through a transparent approach, Fuse has developed robust risk and compliance frameworks that make it simple for any regulator to become comfortable with our products. With the DFSA focused on encouraging speed and innovation, we achieved approval in record time as the first firm to be approved in under 7 weeks. The Money Services Business license allows us to quickly launch products for customers through our Virtual IBANs and Domestic and International payments infrastructure.”
The DIFC’s global reputation as a financial hub is reinforced by its record-breaking 20th anniversary last year, with combined revenues amounting to AED 1.3 billion and reflecting a 23% increase from 2022. Fuse is now set to contribute to further solidifying the DIFC’s first-place regional rank while simplifying payment processes for global customers in collaboration with the DFSA.
With its unparalleled global reach and deep-rooted local expertise, Fuse is empowering global businesses to thrive seamlessly in the UAE, driving innovation and facilitating economic growth – 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.
