Payments FinTech Wizz to Acquire UAE Exchange

Payments solutions FinTech Wizz Financial is preparing to rebrand after getting the approval of the United Kingdom’s Financial Conduct Authority (FCA) to acquire UAE Exchange U.K. Limited.

The approval comes on the heels of green lights from the United Arab Emirates and regulatory entities in the United States and the Middle East, according to a Monday (July 18) press release.

“Clearance from the FCA is an important step toward fully operationalizing the U.K. company, which plays an integral role for those making remittance payments between the U.K., the UAE and India,” the release stated.

Wizz Financial will rebrand UAE Exchange U.K. as it focuses on synchronizing all its offerings between the U.S., U.K., UAE and India, according to the release.

“Wizz Financial invests in the latest state-of-the-art technology to build the best exchange and compliance platforms in the world,” the release stated. “UAE Exchange U.K. will offer more than money remittance but also micro lending solutions and an array of related innovative products.”

Also Monday, UAE-based B2B eCommerce platform Tradeling announced its first collaboration with Amazon Payment Services.

Read more: B2B eCommerce Firm Tradeling Teams With Amazon Payment Services

“This collaboration seeks to strengthen Tradeling’s credit offering and benefit its customers by providing them with a payment service that includes an installment payment feature through various banks and more,” the company said in its own press release.

With Amazon Payment Services as a payment service, Tradeling customers can carry out payments with various installment options, which will let them activate a split payment offering with the help of 14 banks in the UAE.

Amazon Payment Services Managing Director Peter George called the partnership “a natural next step in our journey to continue delivering a simple, affordable and trusted payment experience to customers across the [Middle East and North Africa (MENA)] region.”

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