CBUAE gives green light to Checkout.com and Yalla Financial Solutions + DIB launches Jaywan card

Checkout.com gets the green light for UAE card issuing

UK-based Checkout.com received an in-principle approval for a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), it said in a press release. The firm will be able to offer card-issuing services alongside its existing payment processing platform.

The rationale: By linking acquiring and issuing under a single backend, businesses will be able to fund corporate cards and payouts from their acquired balances, eliminating the cashdrag of pre-funding processes.

Checkout.com is delivering on its plans: Last year, the digital payments services provider announced plans to expand its card-issuing capabilities in the UAE, with a target launch by 2026. It aimed to issue branded physical or virtual cards, manage rewards, and simplify B2B payouts.

Dubai Islamic Bank launches a Jaywan debit card

Dubai Islamic Bank launched a Jaywan debit card, integrating the country’s national payment scheme into its banking infrastructure, according to a press release.

ICYMI- Earlier this month, the Central Bank of the UAE said that every licensed bank and financial institution in the country will start using Jaywan, which aims to cut process costs, keep payment data onshore, and reduce reliance on international card networks. Majid Al Futtaim recently started accepting payments made via the card across its physical network.

Yalla secures CBUAE nod for retail payments license

Yalla Financial Solutions is one step closer to launching regulated payment services in the UAE after securing in-principle approval from the Central Bank of the UAE (CBUAE) for a retail payment services Category II license, according to a press release.

The approval clears the way for it to offer regulated payment services in the UAE once it meets the remaining licensing requirements and receives final authorization from the CBUAE. The firm plans to offer consumers, merchants, and businesses faster, more secure, and locally regulated payment services.

Aster to invest AED 100 mn to expand UAE clinic network

Aster Clinics plans to invest AED 100 mn to expand and upgrade more than 100 facilities across the UAE by 2030, doubling down on rising demand for outpatient care. The healthcare provider will grow its network from 85 clinics through a mix of new openings and expanded existing sites, introducing additional specialty centers, in-clinic diagnostics, homecare, and personalized care services.

The expansion comes after patient footfall across Aster’s clinic network rose 15% over the past year. The rollout is also expected to create some 4.1k jobs as the company grows its workforce.