Tabby Lands UAE Wallet License as It Expands into Everyday Finance

Financial technology firm Tabby has secured a key regulatory milestone in the United Arab Emirates, positioning itself to move beyond its origins in buy now, pay later (BNPL) services and into broader financial offerings.

Tabby has been granted a Stored Value Facilities (SVF) license by the UAE Central Bank, allowing the company to hold customer funds and roll out new financial products including spending accounts, payment cards, and money management tools.

The development marks a shift in how the company is positioning itself in the region’s increasingly competitive fintech landscape.

For many consumers across the UAE, Tabby has become synonymous with flexible payment options at checkout. The company’s BNPL model, which allows users to split purchases into installments, helped it scale rapidly across the Gulf.

But the new license signals a deeper ambition. By enabling Tabby to hold customer balances and issue stored value products, the SVF authorization effectively allows it to embed everyday financial services directly into its platform. That includes not only spending but also sending and managing money in a more integrated way.

In practical terms, this means users who once interacted with Tabby only at the point of purchase could soon use it as a more central financial tool in their daily lives.

That transition is not trivial. Moving from a payments facilitator to a financial services provider requires not just scale, but regulatory trust.

Regulatory Milestone in a Tightening Environment

Securing an SVF license from the UAE Central Bank is not a routine step. The license allows firms to issue electronic money and maintain stored balances, placing them within a more tightly regulated segment of the financial system.

This comes at a time when regulators across the Gulf are steadily formalizing oversight of digital finance, particularly as non-bank fintech firms expand into areas traditionally dominated by banks.

Tabby’s approval strengthens its regulatory footprint across its core markets. The company already holds authorization in Saudi Arabia, where it received a BNPL license from the Saudi Central Bank and acquired a licensed digital wallet provider.

Together, these licenses allow Tabby to operate with greater independence, building financial products on its own infrastructure rather than relying on third-party partnerships.

The UAE license fits into a wider strategic shift that has been unfolding across the fintech sector.

Globally, BNPL providers have been looking to diversify beyond installment payments as competition intensifies and margins tighten. Expanding into banking-adjacent services such as wallets, cards, and money management tools offers a way to deepen customer engagement and create new revenue streams.

Tabby appears to be following that path, leveraging its existing user base to expand horizontally into adjacent financial services.

Hosam Arab, CEO and Co-Founder of Tabby, said: "Millions of people in the UAE already use Tabby for flexible payments.”

The statement reflects a broader industry trend where fintech platforms aim to become “super apps” for financial activity rather than single-purpose tools.

Scale and Market Position

Tabby’s expansion is supported by a sizable user and merchant network. The company works with more than 65,000 brands globally, including major international and regional retailers, and serves millions of users across Saudi Arabia, the UAE and Kuwait.

That scale gives it a potential advantage as it rolls out new financial services. Instead of acquiring customers from scratch, Tabby can build on existing relationships formed through its payments business.

Tabby’s license highlights a broader shift in the UAE’s financial ecosystem. As regulators open pathways for non-bank players to offer more sophisticated financial services, the line between fintech firms and traditional financial institutions is becoming less distinct. Companies that began as niche service providers are now positioning themselves as full-service financial platforms.

This could translate into more integrated and convenient financial tools, while adding pressure on incumbents to innovate or partner with emerging players. Tabby’s focus now shifts from regulatory approval to execution.

Turning a widely used payment tool into a comprehensive financial platform requires not only technology and compliance, but also user trust at a deeper level. Handling customer funds introduces a different set of expectations around reliability, security, and transparency.