Finseta, a foreign exchange and payments solution provider, has secured a payments licence from the Dubai Financial Services Authority (DFSA), enabling it to provide payment services across the UAE.
With the Category 3D UAE licence, Finseta, which offers multi-currency accounts to businesses and individuals through its proprietary technology platform, says it plans to expand its geographic footprint and regulatory capabilities.
The firm also explained that the UAE, and the Dubai International Financial Centre (DIFC) in particular, represent a considerable market opportunity as one of the world’s leading financial hubs. The Group has an existing presence in Dubai, where it has been building a partner network.
Finseta has established a new office in the DIFC and plans to make a number of key hires in the coming months in its sales, regulatory and compliance support functions. It hopes these hires will help facilitate business development activities, including broadening partner relationships, and the onboarding of new clients in compliance with local regulations.
“The receipt of this licence marks another milestone in the execution of our strategy,” explained James Hickman, CEO of Finseta. “As one of the world’s top financial centres, Dubai represents a significant opportunity for Finseta.
“We already have established foundations there, which, with some initial investment, we expect to scale to drive strong growth in this market. Our introducer-led go-to-market approach is also particularly well-suited to this business environment with international professional services and advisory firms having a substantial presence.”
Alongside its UAE expansion, Finseta also plans to invest in sales, compliance and overhead functions in 2025 to exploit the growth opportunity in the Canadian market following the receipt of its regulatory licence in 2024.
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