PhonePe Receives In-Principle Approval from UAE Central Bank Ahead of Regional Launch
· Business · Hindustan Times, Economic Times
Digital payments platform PhonePe secured in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities. The Walmart-backed fintech firm must obtain final central bank clearance before commencing commercial operations in the Gulf state. Founded in 2016, PhonePe currently operates a payments application utilizing India's Unified Payments Interface network for bills and money transfers. The company previously put its initial public offering on hold due to volatile global market conditions and geopolitical uncertainty, targeting a valuation between $9 billion and $10.5 billion. The planned public offering will involve Walmart cutting its stake by about 12 percent, alongside full exits from existing investors Tiger Global and Microsoft.
Why it matters
The regulatory nod marks a major milestone for PhonePe's international expansion into the Middle East as the company prepares to eventually revive its public listing.
Read the original report — Hindustan Times
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