Fuze Group, via its subsidiary Niobe Payment Services, has secured a retail payment services and card schemes (RPSCS) licence from the Central Bank of the UAE (CBUAE), according to a press release posted on Zawya.
This authorisation establishes Fuze as a licenced operator for digital asset infrastructure and a regulated payment service provider within the region.
Fuze CEO and co-founder Mohammed Ali Yusuf said: “This licence is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. We are privileged to be granted this licence from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions – like virtual IBANs – for a range of businesses.”
With the licence, Fuze is now preparing to launch a payment platform that incorporates artificial intelligence (AI) and compliance features to meet the demands of contemporary business operations.
The platform will offer a suite of compliant payment products designed for the needs of modern enterprises, fintechs, and marketplaces.
The services provided will include real-time digital payments and settlements, an AI-powered compliance and fraud detection system, virtual IBANs for streamlined payment collection, and merchant tools to support UAE businesses.
Set up in 2023, Fuze has maintained partnerships with regulatory bodies and become an ally for banks, fintechs, and financial institutions across the Middle East and North Africa (MENA), Turkey, and South Asia.
The company aims to assist businesses in overcoming financial infrastructure challenges, from integrating digital assets and cryptocurrencies to developing payment systems and financial products.
