UAE-based crypto infrastructure company Fuze obtains authorization to extend its services into the realm of card payments.
Fuze, a fintech company based in the UAE, has taken a significant step forward in its mission to shape the future of finance and payments. The company has recently received the Retail Payment Services and Card Schemes (RPSCS) license from the Central Bank of the UAE, paving the way for its expansion into traditional payments and broader digital payment solutions across the Middle East and North Africa (MENA) region.
The license, which allows Fuze to legally process retail payments and issue or manage card schemes, positions the company to grow its fintech offerings and integration in the UAE’s increasingly digital and crypto-friendly financial ecosystem. The company's expansion plans include partnerships, increasing its user base, offering crypto-related payment solutions, and leveraging its recent $12.2 million Series A funding to build technology infrastructure for payments and digital assets.
Fuze initially focused on digital assets and offers Crypto-as-a-Service products. Through its APIs, banks, fintechs, and other platforms can embed crypto trading, loyalty programs, custody, and lending into their apps. The company also operates an Over-the-Counter (OTC) desk for large crypto trades, providing access to over 100 tokens, 24/7 trading, and real-time settlements.
With the new license, Fuze can offer card payment services to businesses across the UAE. Its infrastructure will provide businesses with tools like virtual IBANs, AI-based fraud detection, and real-time settlements. Mo Ali Yusuf, co-founder and CEO of Fuze, stated that the license is a key step in their mission to provide digital and AI-enabled infrastructure for the future of finance and payments.
This expansion and development are not only beneficial for Fuze but also for the UAE and the broader MENA region. As the region continues to embrace digital transformation, the need for robust, secure, and innovative digital payment solutions becomes increasingly important. Fuze's focus on AI and digital assets is expected to bring a fresh perspective to the region's financial technology landscape, driving growth and innovation in the sector.
In conclusion, Fuze's receipt of the RPSCS license from the Central Bank of the UAE marks a significant milestone in the company's journey. With its focus on digital assets and now traditional payments, Fuze is poised to make a significant impact on the UAE's financial technology sector and beyond. The company's expansion plans, coupled with its innovative technology infrastructure, are expected to drive growth and innovation in the region's digital payment solutions.
The receipt of the RPSCS license allows Fuze to offer card payment services to businesses across the UAE, positioning the company to grow its presence in the traditional payments market and diversify its fintech offerings. This expansion is expected to drive growth and innovation in the UAE's digital payment solutions, and more broadly, in the financial technology sector across the Middle East and North Africa region. With its focus on digital assets and integration of AI technology, Fuze's growth could have a significant impact on the regional financial ecosystem, shaping the future of business, finance, and technology in the MENA region.
