PhonePe, a digital payments platform, announced on Tuesday that it has received in-principle approval from the UAE central bank. This approval pertains to two licenses that will enable the company to offer retail payment services, card schemes, and stored value facilities in the region.
The Walmart-backed fintech firm said the approval follows initial regulatory due diligence and that it still needs final central bank sign-off before it can begin commercial operations in the Gulf state. “Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors,” it said.
The IPO filing showed Walmart plans to cut its stake in the fintech firm by about 12% through the offering, while existing investors Tiger Global and Microsoft intend to fully exit.
The company has said it will revive the listing process once market stability improves.
Earlier this year, the company put its closely watched initial public offering on hold, citing geopolitical uncertainty and volatile global market conditions.
