FinTech Payments Wizz to Acquire UAE Exchange

FinTech payment solutions Wizz Financial is preparing to change its name after obtaining approval from the UK’s Financial Conduct Authority (FCA) to acquire UAE Exchange UK Limited.

The approval follows green lights from the United Arab Emirates and regulators in the United States and the Middle East, according to a Monday, July 18. Press release.

“The FCA clearance is an important step towards the full operationalization of the UK company, which plays a critical role for those making payments between the UK, UAE and India,” the statement read. .

Wizz Financial will change its name to UAE Exchange UK as it focuses on synchronizing all its offerings between the US, UK, UAE and India, according to the release.

“Wizz Financial invests in the latest cutting-edge technology to create the world’s best exchange and compliance platforms,” ​​the statement said. “UAE Exchange UK will offer more than money transfers, but also micro-credit solutions and a range of related innovative products.”

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

Read more: B2B e-commerce company partners with Amazon Payment Services

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

With Amazon Payment Services as the payment service, Tradeling customers can make payments with different installment options, which will allow them to activate a split payment offer with the help of 14 banks in the UAE.

Managing Director of Amazon Payment Services Peter George called the partnership “a natural next step in our journey to continue to deliver a simple, affordable and reliable payment experience to customers around the world.” [Middle East and North Africa (MENA)] Region.”

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About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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