Nuvei secures Retail Services Category II License from the Central Bank of the UAE

Core Insights - The UAE is a significant market for Nuvei, with its eCommerce sector expected to exceed $10 billion in revenue by 2029, growing at a CAGR of approximately 9% from 2024 to 2029 [1] - Nuvei has secured a Retail Services Category II License from the Central Bank of the UAE, enhancing its local acquiring capabilities and reaffirming its commitment to the MENA region [5][6] - The company aims to connect its customers more deeply through payments, expanding its global licenses to support business growth in the UAE [3][4] Company Expansion - The Retail Services Category II License allows Nuvei to provide a comprehensive suite of payment technologies, including local acquiring, payment aggregation, and fund transfers [2] - Nuvei's expansion includes local acquiring capabilities in over 50 countries, with a focus on enhancing payment acceptance rates and reducing processing costs for customers [2][4] - The company has also recently obtained a Major Payment Institution license in Singapore and is the first global payments company to offer local direct acquiring in Colombia [3] Market Presence - Nuvei operates in more than 200 markets, offering local acquiring in 50 markets, 150 currencies, and 700 alternative payment methods [4] - The company has established a strong commercial presence and high-profile partnerships in the MENA region, supporting local and international customer growth [6] - The CEO expressed gratitude to the Central Bank of the UAE for facilitating the opportunity to launch services in a rapidly growing digital eCommerce market [7]