IFX Payments has received a Category 3C license from the Dubai Financial Services Authority, enabling the company to offer money and custody services within the United Arab Emirates. The approval marks a significant step in the firm’s expansion strategy and positions it to deliver a broader suite of services to clients operating in and through the UAE.
The license allows IFX Payments to provide enhanced cross-border transaction support, reduce currency risk exposure, and streamline financial operations for corporate and institutional clients. With Dubai emerging as a global fintech hub, IFX Payments aims to capitalize on the region’s growing demand for sophisticated financial services and regulatory clarity.
Having maintained a representative presence in Dubai for 12 years, IFX Payments has now expanded into larger offices in the Dubai International Financial Centre. The move includes increased investment in staffing and infrastructure. Wasan Zaini, previously head of the FX desk in London and Dubai representative office, has been appointed as Senior Executive Officer to lead the new licensed entity.
“Stepping stone towards our vision of becoming the number one”
Will Marwick, CEO of IFX Payments, commented, “Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions. By combining seamless international payments with strategic foreign exchange risk management, we’re empowering businesses in the region to operate globally with greater confidence and control.”
The firm’s upgraded regulatory status in Dubai follows its acquisition of an FMSB license in Canada in 2023, adding to its global operating capabilities. With this new license, IFX Payments can serve a broader customer base in the UAE and further scale its services across the Middle East and North Africa.
Wasan Zaini, Senior Executive Officer of IFX Payments, commented, “This milestone is a testament to our commitment to providing world-class financial services and innovative solutions to businesses in the UAE. With this enhancement to our services, we look forward to empowering our clients with greater efficiency, flexibility, and control over their payment and treasury operations.”
Dubai’s fintech transaction volume is forecasted to reach $80 billion by 2028, driven by regulatory innovation and foreign investment. IFX Payments’ licensing success positions the company to participate in that growth while meeting local and international demand for robust financial infrastructure.
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