Kuwait-based fintech MyFatoorah has secured a license from the Central Bank of the UAE, becoming the first regional payments platform to receive six central bank licenses.

The fintech has already obtained licenses from Saudi Arabia, Kuwait, Bahrain, Qatar and Egyptian central banks, it said in a statement on Monday.

Following the UAE's approval, the company will launch its “Payments Without Borders” concept to provide seamless cross-border payment acceptance.

"MyFatoorah is now positioned to offer direct merchant-acquiring services and payment aggregation solutions with reduced reliance on traditional banking channels," said Founder and Managing Director Abdullah Aldabbous.          

(Editing by Brinda Darasha; brinda.darasha@lseg.com)