Payment solution provider MultiPass has announced receiving a financial services licence in the UAE from the Dubai Financial Services Authority (DFSA). Supporting MultiPass’ strategic expansion into the Middle East, the licence is set to enable the firm’s clients to access local currency and payout capabilities.

Also, the UAE represents a gateway to the Middle East for MultiPass’ users, allowing them to benefit from a broader market and additional business opportunities. As a bank challenger, MultiPass focuses on delivering financial solutions that can meet the needs of businesses with cross-border activity. The firm provides a multi-currency business account with a live FX desk that enables global companies to manage their bank transfers in foreign markets more efficiently. Furthermore, MultiPass’ offering includes local dedicated UK, US, and EU accounts and a single multi-currency IBAN which supports approximately 30 world currencies.

MultiPass’ development strategy in the Middle East By securing the financial services licence, MultiPass has received access to the UAE’s currency, the dirham, and local payout options, executed efficiently and conveniently. Through this, the company can provide simplified transactions and multi-currency IBANs, which facilitate payment solutions globally and exchange rates that work towards ensuring cost optimisation. The current announcement also focuses on a client-centric experience by offering personalised services with a dedicated relationship manager assigned to businesses. According to MultiPass’ officials, as the Middle East represents a region that can increase the potential for growth and advancement, the expansion falls in line with the firm’s commitment to providing optimised financial services and creating value for clients, with them mostly being international businesses which frequently have cross-border payment flows.

MultiPass intends to contribute to the dynamic economic landscape of the UAE, as well as to the broader Middle Eastern region. Moreover, as the UAE currently has high economic capabilities and diversity in sectors such as finance, trade, tourism, and real estate, and a stable regulatory environment, the region represents a strategic location in the Middle East. Through this achievement, MultiPass highlights and advances its allegiance to improving the services and solutions it provides to clients while solidifying its presence in global markets. .