International conglomerate Ant Group teams up with Abu Dhabi Investment Office and secures an IPA endorsement from the Central Bank of the United Arab Emirates. The collaboration aims to bolster local digitalisation and fintech initiatives.
Ant International Strengthens Position in UAE's Digital Economy
Ant International, a leading fintech solutions provider, has taken a significant step forward in its expansion in the United Arab Emirates (UAE). The company has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) and received In-Principle Approval (IPA) for Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses from the Central Bank of the UAE (CBUAE).
This strategic collaboration with ADIO and the regulatory milestone will enable Ant International to offer a comprehensive suite of digital payment and fintech solutions locally. These solutions, powered by AI, span merchant services, wallet technology, and digitisation tools.
The MoU with ADIO solidifies Ant International’s commitment to Abu Dhabi. By leveraging its technological expertise, the company aims to accelerate the development of Abu Dhabi’s financial technology sector, empower local businesses, especially Small and Medium Enterprises (SMEs), with advanced digital payment tools, promote financial inclusion, and strengthen economic connectivity between the UAE and key global markets, particularly Asia.
The In-Principle Approvals for SVF and RPSCS licenses from the Central Bank are crucial regulatory authorizations. They allow Ant International to operate stored value payment systems, retail payment services, and card schemes, essential for launching fully compliant fintech operations that include merchant acquiring, payment aggregation, and fund transfers within the UAE.
H.E. Badr Al-Olama, Director General of ADIO, stated that Abu Dhabi is a key jurisdiction for fintech firms. He emphasized that this partnership reflects a broader inflection point in digital finance where scale involves not just reach but also trust and regulatory frameworks. It also highlights Abu Dhabi’s strategic positioning as a fintech-friendly jurisdiction facilitating long-term partnerships and innovation.
Mr. Yang, CEO of Ant International, expressed gratitude for the guidance and support of CBUAE's Fintech Office in bringing these solutions to the UAE. He stated that these licenses underscore Ant International's commitment to supporting the Central Bank's digital transformation agenda. The In-Principle Approval is seen as a testament to the productive collaboration and shared vision for a digitally-driven, inclusive economy between Ant International and the Central Bank of the UAE.
According to H.E. Badr Al-Olama, Abu Dhabi is actively shaping digital innovation for the future. Ant International's mission is to empower local businesses, especially SMEs, and connect them to new global growth opportunities. By providing local businesses with advanced digital tools, Ant International aims to contribute to the UAE's growing digital economy and looks forward to a future of shared success.
This pivotal advance for Ant International’s business expansion in the UAE aligns with the UAE and Abu Dhabi’s fintech strategies emphasizing regulatory clarity, trust, resilience, and innovation. It also supports the UAE’s ambition to become a global fintech hub with robust digital infrastructure and progressive regulation.
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