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United Arab Emirates (UAE)-based digital bank YAP has raised $41 million in funding and hopes to raise another $20 million for further expansion, Reuters wrote on Monday (July 4).
According to CEO and co-founder Marwan Hachem, the company reportedly plans to use the funds to grow its business and expand its footprint to Saudi Arabia, Egypt, Pakistan and Ghana.
Hachem said the company had recently obtained licenses to work in Pakistan, Ghana and Saudi Arabia, and the bank is now considering a full expansion.
“We just got an EMI (Electronic Money Institution) license in Pakistan, a PSP (Payment Service Provider) license in Ghana and the same in Saudi Arabia. We will apply to the central bank together with the banks,” Haher said. M said.
Initially debuting in 2021 and in partnership with RAK Bank, YAP has reportedly become the UAE’s first standalone digital banking platform.
According to Hachem, the company plans to look at the remittance market targeting Pakistani workers in the Gulf region, who are known for sending billions of dollars back home each year. The UAE has become a financial hub, especially Abu Dhabi and Dubai, and it is now known as the third largest economy in the Arab League after Saudi Arabia and Egypt.
This is because the UAE is shifting from a post-oil economy to a tech-focused industry. The government level has always been an important factor in this – recently, millions have been pumped into fintech innovations through sovereign wealth funds or SWFs.
See also: UAE’s growing role as regional fintech hub
One of them, Abu Dhabi-based state holding company ADQ, launched a $100 million tech-focused venture capital fund to back Jordan’s high-growth tech fund.
It has also led sovereign wealth funds to invest more frequently in fintech, and companies have been investigating the possibility of a frictionless economy through more digital payment technologies.
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