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Moyasar, a Riyadh-headquartered payment gateway, has secured in-principle approval for two licences from the Central Bank of the UAE – a Retail Payment Services Category II licence and a Stored Value Facilities licence. The dual approval positions the company, which says it currently serves more than 16,000 businesses spanning government services, large companies and SMEs in Saudi Arabia, to begin building the same merchant base across the UAE.
Moyasar, a Riyadh-headquartered payment gateway, has secured in-principle approval for two Central Bank of the UAE licences, a Retail Payment Services Category II licence and a Stored Value Facilities licence, positioning it to serve merchants in both Saudi Arabia and the UAE.
The company, which says it serves more than 16,000 businesses spanning government services, large companies and SMEs, is funding the expansion partly through a SAR 78.75 million ($21 million) round raised in 2024, its first external capital since founding in 2015.
Co-founder Basem Aljedai says the UAE is being treated as “a second home market,” part of a broader push to build a single financial infrastructure platform for companies operating across the Gulf rather than separate systems per country.
Basem Aljedai, co-founder of Moyasar, said the UAE expansion reflects the market’s importance to the company’s regional strategy: “We treat the UAE as a second home market.”
What’s funding the expansion
Moyasar raised SAR 78.75 million (roughly $21 million) in 2024, its first external capital since being founded in 2015. The round was led by Saudi food delivery platform Jahez Group, with participation from Derayah Financial and Sharaka Capital. The company has directed that capital toward regional licensing, continued development of its payment platform, and workforce expansion, with headcount roughly doubling since the investment closed.
Also, read Does Tabby Affect Your Credit Score in the UAE?
Why it matters
For merchants managing payments across Gulf borders
Moyasar’s stated goal, a single financial infrastructure platform for companies operating across the Gulf rather than separate systems in each country, addresses a real, recurring friction: businesses expanding regionally have typically had to integrate with different payment providers per market. A licensed presence in both Saudi Arabia and the UAE, if the approvals convert to full licences, would let Moyasar pitch itself as that single cross-border layer rather than a Saudi-only provider.
For the wider pattern of Saudi fintechs licensing into the UAE
Moyasar’s UAE approach mirrors a path other Saudi-founded payments and fintech companies have taken this year, treating a UAE Central Bank licence as the standard next step once a domestic Saudi base is established, rather than the UAE and Saudi Arabia remaining separate, self-contained fintech markets.
What’s next
The approvals are in-principle only, Moyasar still needs to satisfy pre-issuance conditions before either licence becomes final, and no timeline for full licensing or an actual UAE launch date has been disclosed. This piece also needs firmer sourcing before publication, a second independent outlet or a primary source (Moyasar’s own announcement, or CBUAE’s public materials) confirming the approvals and the exact date, given the single-source situation flagged above.
FAQ
What licences has Moyasar secured in-principle approval for in the UAE?
A Retail Payment Services Category II licence and a Stored Value Facilities licence, both from the Central Bank of the UAE.
Is Moyasar’s UAE licence final?
No, it’s in-principle approval only. The company still needs to meet pre-issuance conditions before receiving full licensing.
What does Moyasar do?
It’s a Riyadh-headquartered payment gateway serving more than 16,000 businesses across government services, large companies and SMEs in Saudi Arabia.
How is Moyasar funding its UAE expansion?
Partly through a SAR 78.75 million ($21 million) round raised in 2024 from Jahez Group, Derayah Financial and Sharaka Capital, its first external capital since founding in 2015.
When was Moyasar founded?
2015.
Editor’s Take: A payments company treating in-principle regulatory approval in a neighbouring market as newsworthy, rather than waiting for the full licence, suggests Moyasar wants the UAE relationship visible early, likely to start merchant conversations before it can actually process a single UAE transaction. Whether that pays off depends entirely on how long the pre-issuance conditions take, which is exactly the detail this piece doesn’t have yet.