Ant International said on Monday that it had signed a memorandum of understanding with the office of Abu Dhabi Investment to pay financial technology innovation in the emirate, while securing prior approval of the main payment licenses from the Central Bank in the United Arab Emirates.
Approval in the initiative covers the stored value facilities, fragmentation payment services and cards licenses, which is a prerequisite for the full licenses needed to launch operations in the country.
Once it was granted, the company said it plans to provide a merchant, collect payment, issue an electronic portfolio, transfer local funds, and across the border.
Badr Alawam, Director General of the Investment Office in Abu Dhabi, commented: “With the progressive organization, the strong digital infrastructure and a strategic location, Abu Dhabi is a major specialization for Fintech companies that operate globally and seek a partner of life.”
“The support provided by ADIO was useful in helping us to establish our presence in Abu Dhabi. This strategic cooperative relationship is an institution for our mission to empower local companies, especially small and medium -sized companies, and link them to new global growth opportunities,” said Beng Yang, CEO of ANT International.
Yang added that approval within the origin “is a testimony of our productive cooperation and the common vision of a comprehensive economy that moves it digitally”, and that Ant International is looking to contribute to the digital and technical strategy in the Emirates.