Nuvei Secures Retail Services Category II License From UAE Central Bank

(RTTNews) - Canadian fintech company Nuvei Corp. (NVEI, NVEI.TO) announced Tuesday that it has secured an in-principle approval for a Retail Services Category II License from the Central Bank of the United Arab Emirates or UAE.

With the Retail Services Category II License, the company now expands its services to the Middle East and North Africa or MENA region.

Nuvei said the UAE is a crucial market for its global customers due to its rapidly growing eCommerce sector, which is projected to surpass $10 billion in revenue by 2029.

Nuvei is able to offer its comprehensive suite of payments technology to businesses operating in the UAE market, including direct local acquiring, payment aggregation services, and domestic and cross-border fund transfers.

Philip Fayer, Nuvei's Chair and CEO, said, "Our mission is to connect our customers to their customers more deeply through payments, wherever those customers are and however they want to pay. Expanding our global licenses portfolio has been a key focus in this regard, and we can now offer the full power of our payment platform to support the growth aspirations of businesses operating in the UAE."