Edenred UAE secures in-principle approval for Stored Value Facility licence from Central Bank
Edenred UAE has received in-principle approval from the Central Bank of the UAE (CBUAE) for its application to operate as a licensed Stored Value Facility (SVF) provider, marking a significant step in the company's regulatory journey.
Part of the global Edenred Group, the company has been providing payroll solutions in the UAE for more than 18 years, serving over 20,000 businesses and 2.5 million employees across sectors including construction, retail, hospitality and logistics.
Edenred UAE processes monthly salary payments for millions of workers, many of whom rely on salary cards as their primary financial account to receive and access wages. Over nearly two decades, the company has built its presence in the UAE by focusing on operational reliability, regulatory compliance and secure payroll services.
The in-principle approval represents an intermediate stage in the CBUAE's licensing process, during which regulators assess governance, compliance, cybersecurity and operational controls. Edenred UAE will now work towards meeting the remaining regulatory requirements before being granted a full Stored Value Facility licence.
According to the company, the approval provides reassurance to businesses and employees already using its payroll platform, with services continuing as normal while the licensing process progresses.
The milestone also reflects the UAE's broader efforts to strengthen its digital payments ecosystem and expand financial inclusion, particularly for workers who remain unbanked or underbanked and rely on stored-value payment solutions to manage their finances.
Claudio Di Zanni, Managing Director of Edenred Middle East, said the company is honoured to receive the in-principle approval, describing it as an important step towards achieving the highest regulatory standards.
He added that Edenred remains committed to completing the licensing process while continuing to develop payroll services that support economic growth and financial inclusion across the UAE and the wider region.
