Fuse Acquires DIFC Licence to Strengthen the UAE Payments System

Fuse Financial Technologies (Fuse), a prominent cross-border payments business in the Middle East, proudly announces its acquisition of the DIFC (Dubai International Financial Centre) licence. This strategic move comes amidst a booming digital remittances market in the UAE, projected to surpass $7.5 billion this year and expected to grow to nearly $8.5 billion by 2028 at a CAGR of 3.08%. Seamlessly facilitating payments for global businesses in and around the Middle East, Fuse’s DIFC licence is regulated by the Dubai Financial Services Authority (DFSA).

George Davis, 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.” Despite challenges in obtaining client money accounts in the UAE, Fuse leveraged its banking relationships to expedite the process, ensuring compliance with regulatory requirements from the outset.

Contribution to DIFC Financial Hub Status

The DIFC celebrated its 20th anniversary last year with record-breaking revenues, solidifying its status as a leading financial hub. With its new licence, Fuse is poised to further enhance the DIFC's regional prominence while simplifying payment processes for global customers in collaboration with the DFSA.

George 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 licence allows us to quickly launch products for customers through our Virtual IBANs and Domestic and International payments infrastructure.”

Empowering Global Businesses in the UAE Market

With unparalleled global reach and local expertise, Fuse empowers global businesses to thrive seamlessly in the UAE. By simplifying payment processes and facilitating economic growth, Fuse enables payment companies, creator economy apps, employers of record (EORs), and platform businesses to operate in the region without navigating complex local entities, licences, and currencies.