Fintech
Canadian fintech Nuvei gains traction in the UAE’s $10 billion e-commerce market
Canadian
fintech Nuvei Company has received in-principle approval for a Category II retail services license from the Central Bank of the United Arab Emirates (UAE), marking an expansion into the Middle East and North Africa (MENA) region.
The license will allow Nuvei to offer its full suite of payments technologies to businesses operating in the UAE, including direct local acquiring, payment aggregation services, and domestic and cross-border fund transfers. This move comes as the UAE’s e-commerce sector is expected to surpass $10 billion in revenue by 2029, with an annual growth rate of around 9%.
Philip Fayer, president and CEO of Nuvei
“Expanding our global licensing portfolio has been a key focus and we can now offer the full power of our payments platform to support the growth aspirations of businesses operating in the UAE,” commented Philip Fayer, president and CEO of Nuvei.
The company anticipates that direct local acquiring will provide greater control over the payment lifecycle, potentially leading to improved payment acceptance rates and lower processing costs for its customers.
“Our mission is to connect our customers to their customers more deeply
payments wherever customers are and however they want to pay,” Fayer added.
This month,
Nuvei has also partnered with ViaPlus, a US-based transportation company, to improve consumer payment methods for mobility services. Through this partnership, the companies plan to introduce more than 700 new payment methods to improve convenience and flexibility for users in multiple countries.
Building global reach
This expansion builds on Nuvei’s existing commercial presence and partnerships in the MENA region. It follows recent initiatives to strengthen the company’s global reach, including securing a major payment institution licensed in Singapore and becoming the first global payments company to offer local direct acquisition in Colombia.
Three weeks ago, Nuvei partnered with Visa in the Colombian market introduce Visa Direct to the country.
Nuvei’s technology currently enables businesses to accept payments in over 200 markets, with local capture in 50 markets, supporting 150 currencies and 700 alternative payment methods.
As the company awaits final approval from the UAE Central Bank, Fayer expressed gratitude for the opportunity, saying: “We are thrilled to be on the verge of launching our best-in-class services, including local procurement direct, in such a rapid way – growing digital e-commerce market.”
Nuvei is currently a publicly traded company, but that is about to change. In April the company announced its intention to go private in a $6.3 billion deal with the International Advent. Final court approval for this matter was released last weekand the deal is expected to be finalized between 2024 and 2025.
Canadian
fintech Nuvei Company has received in-principle approval for a Category II retail services license from the Central Bank of the United Arab Emirates (UAE), marking an expansion into the Middle East and North Africa (MENA) region.
The license will allow Nuvei to offer its full suite of payments technologies to businesses operating in the UAE, including direct local acquiring, payment aggregation services, and domestic and cross-border fund transfers. This move comes as the UAE’s eCommerce sector is expected to surpass $10 billion in revenue by 2029, with an annual growth rate of around 9%.
Philip Fayer, President and CEO of Nuvei
“Expanding our global licensing portfolio has been a key focus and we can now offer the full power of our payments platform to support the growth aspirations of businesses operating in the UAE,” commented Philip Fayer, president and CEO of Nuvei.
The company expects that direct local acquiring will provide greater control over the payment lifecycle, potentially leading to better payment acceptance rates and lower processing costs for its customers.
“Our mission is to connect our customers to their customers more deeply
payments wherever customers are and however they want to pay,” added Fayer.
This month,
Nuvei has also partnered with ViaPlus, a US-based transportation company, to improve consumer payment methods for mobility services. Through this partnership, the companies plan to introduce more than 700 new payment methods to improve convenience and flexibility for users in multiple countries.
Building global reach
This expansion builds on Nuvei’s existing commercial presence and partnerships in the MENA region. It follows recent initiatives to strengthen the company’s global reach, including securing a major payment institution licensed in Singapore and becoming the first global payments company to offer local direct acquisition in Colombia.
Three weeks ago, Nuvei partnered with Visa in the Colombian market introduce Visa Direct to the country.
Nuvei’s technology currently enables businesses to accept payments in over 200 markets, with local capture in 50 markets, supporting 150 currencies and 700 alternative payment methods.
As the company awaits final approval from the Central Bank of the UAE, Fayer expressed gratitude for the opportunity, saying, “We are thrilled to be on the verge of launching our best-in-class services, including direct local acquisition, in such a rapidly growing digital e-commerce marketplace.”
Nuvei is currently a publicly traded company, but that is about to change. In April, the company announced its intention to go private in a $6.3 billion deal with the International Advent. Final court approval for this matter was released last weekand the deal is expected to be finalized between 2024 and 2025.