Fuze, a UAE-based fintech building financial infrastructure for businesses, has received a Retail Payment Services and Card Schemes (RPSCS) license from the Central Bank of the UAE, the company announced on Monday.
The new license will allow Fuze to offer card payment services to businesses across the UAE, enabling them to accept payments, settle transactions, and manage payouts, alongside its existing crypto services.
Founded in 2023, Fuze initially focused on digital assets, offering businesses Crypto-as-a-Service products. Through Fuze’s APIs, banks, fintechs, and other platforms can embed crypto trading, loyalty programs, custody (secure storage of crypto), and lending into their apps without having to manage liquidity, compliance, or security themselves.
In addition to crypto services, Fuze also offers an OTC desk for large crypto trades, giving businesses access to 100+ tokens, 24/7 trading, and real-time settlements.
Now, with the new approval, Fuze is expanding into traditional payments too. It will enable businesses to accept card payments and access tools like virtual IBANs, AI-based fraud detection, and real-time settlements, all through Fuze’s infrastructure.
Mo Ali Yusuf, co-founder and CEO of Fuze said, “This license is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments.”
“We are privileged to be granted this license from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions – like virtual IBANs – for a range of businesses,” he added.
Fuze’s expansion comes as the UAE pushes to double the digital economy’s contribution to GDP to 19.4% by 2032, under its national Digital Economy Strategy.
The company, which raised a $14 million seed round in 2023 led by Abu Dhabi’s Further Ventures, already serves banks, fintechs, and large businesses across MENA, Turkey, and South Asia. It is positioning itself as a one-stop infrastructure provider for businesses that want to offer both crypto and traditional payment services under a regulated framework.
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