Wizz Financial gets nod from UK’s FCA to acquire UAE Exchange UK

Global fintech firm Wizz Financial has received approval from the UK’s Financial Conduct Authority (FCA) to complete the acquisition of UAE Exchange UK. This follows a series of previously obtained approvals for the purchase of UAE Exchange in the UAE and affiliated regulated entities in the US and the Middle East.

Read: UAE Central Bank gives in-principle approval for Wizz Financial to acquire UAE Exchange

Clearance from the FCA is an important step toward fully operationalising the UK company, which plays an integral role for customers making remittance payments between the UK, the UAE and India.

Wizz Financial will rebrand UAE Exchange UK, as it focuses on aligning all its offerings between the US, UK, UAE and India.

UAE Exchange UK will offer not just money remittance, but also micro-lending solutions and related products.

Wizz Financial co-founder and group chairman Amir Nagammy, said: “FCA approval is an important milestone for us and we appreciate their support in our vision to create a leading financial services company underpinned by cutting-edge technology to best serve our customers.

“We are appreciative to the FCA, one of the leading regulatory authorities in the world, for approving this transaction as it allows us to provide more opportunities for our customers,” said Adrianus (Aryan) Schoorl, Wizz Financial’s general counsel and head of Compliance. “The core of what we do is to create products and solutions to serve our customers in their everyday financial decisions. With the regulatory developments in the consumer financing space, we see that our licenses give us a head start in that space.”

In recent news, Fintech company Wizz Financial will partner with NPCI International Payments, the international arm of National Payments Corporation of India, to create a live digital payment platform in the UAE, pending regulatory approvals.

Read: Wizz Financial to introduce live digital payment platform in the UAE