Mubasher: MyFatoorah, a Kuwaiti payments platform in the Middle East, has received the acquiring licence from the Central Bank of the UAE (CBUAE), a step that endorsed the company’s position in the digital payments scene while forging industry standards for end-to-end merchant acquiring services.
The platform has become the first in the Middle East to obtain licences from six regional central banks in Kuwait, Saudi Arabia, the UAE, Bahrain, Qatar, and Egypt.
MyFatoora introduces its Payments Without Borders concept, which focuses on enabling seamless cross-border payment acceptance in addition to boosting trust and convenience in digital payments, according to a press release.
The platform is currently able to provide direct merchant-acquiring services and payment aggregation solutions that lead to less reliance on traditional banking channels.
Founder and Managing Director (MD) of MyFatoorah, Abdullah Aldabbous, said: "Securing the UAE Acquiring licence is a testament to the trust and credibility MyFatoorah has earned. This accomplishment reinforces the company's dedication to enhancing customer experiences, driving innovation, and cultivating a thriving business ecosystem.”
Working with regulators from across the region is expected to make it easy for the platform to offer cutting-edge products with faster speed to market. A step that endorses MyFatoorah to cover all merchant verticals by initiating regional products like DHL Sell & Ship, POS, Soft POS, among others.
