VaultsPay Receives In-Principle Approval for a Stored Value Facility Licence from the CBUAE

The Vaults International Payment LLC (VaultsPay) has received in-principle approval for a Stored Value Facility (SVF) licence from the Central Bank of the UAE (CBUAE), marking a significant milestone in its regulatory journey and continued growth within the UAE’s digital payments landscape.

The in-principle approval represents an important step towards establishing the regulatory foundation required to securely store and manage customer funds through digital payment solutions, including digital wallets and prepaid payment products. VaultsPay is now working to fulfil the remaining regulatory requirements for final approval.

This milestone reflects VaultsPay’s commitment to expanding its portfolio with innovative financial services that help its partners and customers prosper, while upholding high standards of regulatory compliance, data security, corporate governance and customer protection.

Why This Matters for Businesses

Upon receiving final approval, the SVF licence will strengthen VaultsPay’s ability to develop more connected and efficient payment experiences. It will also create new opportunities to simplify how businesses accept, manage and move funds through secure and regulated digital payment infrastructure.

His Excellency Ali Almheiri, Chairman of VaultsPay, said:

“Receiving the Central Bank of the UAE’s in-principle approval for our Stored Value Facility licence is a significant milestone for VaultsPay. It reflects the strength of our regulatory foundation and supports our long-term vision to build a more connected and inclusive digital payments ecosystem. This approval will enable us to explore new opportunities across digital wallets, card issuing and other innovative payment solutions, creating greater value for our customers and partners.”

Sailesh Malhotra, CEO of VaultsPay, said:

“The in-principle approval of our Stored Value Facility licence is a landmark achievement for VaultsPay and an important step in expanding our capabilities. It strengthens our proposition in the market and creates new opportunities for us to develop solutions that address the evolving needs of customers and partners. While there are further regulatory requirements to fulfil before final approval, our teams are fully focused on completing the remaining steps and building on this momentum.”

VaultsPay will continue working to fulfil the requirements for final approval. This progress represents an important step forward as the company expands its financial services and contributes to the UAE’s vision for a secure, inclusive and digitally connected economy.