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Checkout.com just got a foot in the door. The Central Bank of the UAE handed the payments firm in-principle approval for a stored value facilities licence, a move that could reshape how the company serves merchants across the region.
The stored value facilities regime has been around since 2016. It’s the UAE central bank’s framework for licensing non-bank companies to hold customer funds and issue financial products — think wallets, prepaid cards, that sort of thing. Getting approved under it isn’t a rubber stamp. There’s a two-stage process: in-principle approval first, then a full licence after the central bank finishes its review. Checkout.com is sitting at stage one right now. Stage two has no disclosed timeline, and the speed of the final review is basically up to the regulator. The company hasn’t said when it expects to clear that hurdle, which is pretty much the only number that matters at this point.
Remo Giovanni Abbondandolo, Checkout.com’s General Manager for MENA, pointed to what merchants could gain once the service goes live. The pitch is straightforward: merchants would be able to fund cards directly from existing balances, cutting out the need to pre-fund programs separately. Simpler operations, fewer moving parts. But pricing details and settlement mechanics? Not disclosed. Not yet.
What the Licence Would Actually Change
Checkout.com is already an acquirer in the UAE. It processes payments. What it can’t do right now is issue — meaning it can’t let merchants sit on balances and deploy funds directly from those balances into card programs. The stored value facilities licence bridges that gap. It’s not about entering a new market. It’s about stacking issuing on top of acquiring inside a market where Checkout.com already operates.
That dual capability — acquiring and issuing together — is the real prize here. It probably makes the company stickier for merchants who’d rather manage everything through one provider. Whether merchants actually switch behavior once the service launches is a different question, and one nobody can answer until the central bank signs off fully.
There’s also the Equiti Group angle. Earlier this year, Checkout.com signed a deal with the CFD broker for deposits and cross-border transfers. That partnership gives some texture to the company’s UAE ambitions — it’s not just waiting around. It’s building relationships while the regulatory process moves forward.
Rivals Are Already There
Checkout.com’s competitors didn’t wait. Revolut secured both a full stored value facilities licence and a retail payment services licence — and it did it within nine months of getting its own provisional approval. Revolut also picked up a separate approval for crypto services from Dubai’s virtual asset regulator. That’s a pretty aggressive timeline by any standard.
Remitly moved fast too. The international remittance company became one of the first of its kind to land a full stored value facilities licence, clearing that milestone earlier this month. So the path exists. Companies have walked it. Checkout.com just hasn’t said how quickly it plans to follow.
That gap matters. The UAE payments market isn’t standing still, and every month without full operational capability is a month competitors can lock in merchants. Checkout.com’s silence on the timeline is probably strategic — you don’t promise a date you can’t control — but it’s also a little uncomfortable given how specific Revolut’s nine-month track record looks by comparison.
The 62% Growth Number
Here’s what Checkout.com did put on the table: 62% year-over-year growth in processing volume across MENA for 2024 to 2025. That’s a big number. It’s also kind of vague. The company didn’t break out what the UAE contributed specifically, and it didn’t publish the actual volume figures behind that growth rate. So you’ve got a strong percentage sitting on top of an undisclosed base. Useful for the headline, harder to stress-test.
Still, 62% isn’t nothing. MENA has been one of the faster-moving regions for digital payments adoption, driven by younger demographics, high smartphone penetration, and governments actively pushing cashless infrastructure. Checkout.com is clearly leaning into that momentum. The stored value facilities approval, if it converts to a full licence, would give the company more tools to capture a bigger slice of that volume.
And the regional context matters. Fintech licensing activity in the UAE has picked up sharply over the past few years. The central bank has been refining its frameworks, and international players have been lining up. Checkout.com isn’t alone in wanting a bigger footprint here — it’s competing against firms that already have one.
For now, Checkout.com processes payments, holds a provisional approval, and is waiting on the regulator. The Equiti partnership is live. The 62% growth figure is on the record. Full issuing capability is somewhere down the road, contingent on a review process with no public deadline. The company reported 62% MENA volume growth for 2024 to 2025.
Frequently Asked Questions
What did Checkout.com receive from the Central Bank of the UAE?
Checkout.com received in-principle approval for a stored value facilities licence, the first stage of a two-stage process before full operational capability is granted.
How does Checkout.com’s approval compare to Revolut’s?
Revolut secured both a full stored value facilities licence and a retail payment services licence within nine months of provisional approval, while Checkout.com has not disclosed a timeline for completing its own second stage.
