UK-based fintech firm IFX Payments has received a Category 3C license from the Dubai Financial Services Authority (DFSA), enabling it to offer money and custody services across the United Arab Emirates. The regulatory milestone marks a pivotal move in the company’s strategic expansion into the Middle East and further strengthens Dubai’s position as a rising global fintech hub.
The newly granted license permits IFX Payments to provide enhanced support for cross-border transactions, mitigate currency risk exposure, and streamline treasury operations for its corporate and institutional clientele in the region. It also positions the firm to tap into the UAE’s growing demand for advanced financial infrastructure, particularly amid a projected surge in fintech transaction volumes — forecasted to reach $80 billion by 2028.
Having operated a representative office in Dubai for over a decade, IFX Payments has now expanded into larger premises in the Dubai International Financial Centre (DIFC). The expansion includes significant investment in personnel and operational infrastructure. Wasan Zaini, formerly head of the FX desk in London and the Dubai representative office, has been appointed Senior Executive Officer of the newly licensed entity.
“This milestone is a testament to our commitment to providing world-class financial services and innovative solutions to businesses in the UAE,” Zaini said. “With this enhancement to our services, we look forward to empowering our clients with greater efficiency, flexibility, and control over their payment and treasury operations.”
CEO Will Marwick echoed this sentiment, framing the license as a key element of the firm’s broader ambitions in the EMEA region.
“Expanding our services in the UAE is a vital stepping stone towards our vision of becoming the number one service-led alternative banking partner in EMEA for corporates and financial institutions,” Marwick stated. “By combining seamless international payments with strategic foreign exchange risk management, we’re empowering businesses in the region to operate globally with greater confidence and control.”
The DFSA license adds to IFX Payments’ growing global regulatory portfolio, following its acquisition of an FMSB license in Canada in 2023. With operations spanning Europe, North America, and now an enhanced presence in the Middle East, the firm is well-positioned to serve a broad and increasingly international client base.
As Dubai continues to attract fintech investment and regulatory innovation, IFX Payments’ entry into the UAE market under full regulatory approval reinforces both its global ambitions and the region’s growing role in shaping the future of financial services.
