The UAE’s fintech landscape has taken another significant step forward as Tabby, the region’s leading buy now, pay later (BNPL) platform, secures a wallet licence in the UAE — marking a decisive pivot from installment payments towards a full-spectrum financial services provider.
What the Wallet Licence Means for Tabby
The new regulatory approval enables Tabby to expand well beyond its core BNPL offering and move into digital wallet services, including digital spending accounts, money management tools, and card products. This mirrors a broader strategy the company has been executing across the region, including its acquisition of Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), which gave Tabby the infrastructure to offer customers far more than installment payments.
A Fintech Giant in Transformation
Tabby currently serves over 15 million users across Saudi Arabia, the UAE, and Kuwait, and partners with more than 40,000 merchants — from IKEA and Adidas to Amazon and Noon. The company reached profitability ahead of an anticipated IPO on the Saudi Exchange (Tadawul), with advisers including HSBC, JPMorgan, and Morgan Stanley reported to be involved in a potential listing.
The UAE BNPL market itself is on a strong growth trajectory, projected to expand from $1.17 billion in 2025 to approximately $3.92 billion by 2031, according to industry forecasts.
Strengthening Financial Inclusion in the UAE
Tabby’s CEO Hosam Arab has consistently emphasised the platform’s mission to deepen financial inclusion, noting that customers now view Tabby as a tool to manage all their spending, not just e-commerce checkouts. With the wallet licence in hand, that ambition is now backed by the regulatory foundation to deliver on it.
The move firmly positions Tabby as one of the UAE’s most consequential fintech players heading into the second half of this decade.
For more trusted business news, market insights, and investment updates from the UAE and beyond, visit www.moneypetrol.com and stay ahead of the curve.
🎧 Watch & subscribe to MoneyPetrol podcasts on YouTube for in-depth conversations with industry leaders and decision-makers.
Follow us on Instagram for real-time updates, expert perspectives, and exclusive content.
