Central Bank of UAE grants FUZE digital asset payments subsidiary a license

FUZE, a digital asset financial infrastructure provider, which offers global stablecoin payments, fiat payouts and collections, and embedded crypto services, has been granted a payments license from the Central Bank of UAE.

FUZE Group, through its subsidiary Niobe Payment Services LLC SPC, is now both a fully licensed operator for digital assets infrastructure and, through its payments infrastructure division, a regulated payment services provider for the region.

As per the press release, the new license will enable businesses to benefit from faster, more secure payment options, reduced transaction times and end-to-end compliance. Fuze is rolling out a robust payment stack that brings together advanced technology, seamless user experience, and built-in compliance.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze which is also licensed in the UAE by VARA noted that this is the launch pad for the next generation of payments. He said their mission was to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. He added:

“We are privileged to be granted this license from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions – like virtual IBANs – for a range of businesses.”

The new payment platform will leverage AI technology to support a compliant suite of digital asset payment products for businesses, fintechs and marketplaces. The services will include digital payments and settlements, AI compliance and fraud detection, and virtual IBANS.

Earlier this year, Fuze was chosen as a provider for The Mastercard Crypto Credential service which facilitates the verification of transactions among consumers and businesses using blockchain networks.

Fuze received VARA license in 2023 after raising $14 million

Morpheus Software Technology (FUZE) FZE attained a significant milestone in the realm of Virtual Asset Service Providers (VASPs) by acquiring a VARA license specifically for Broker-Dealer Services. The VARA license allowed FUZE to provide crypto brokerage services to clientele, including institutional investors, qualified investors, and retail investors. With this license, the company offered two primary services: firstly, Digital Assets as a Service (DAAS), enabling seamless integration of B2B2C digital asset products for banks, fintechs, and enterprises; secondly, a regulated Over-The-Counter (OTC) service, providing investors an efficient option for institutional-level digital asset trading.

Prior to that, FUZE had secured a seed funding round totaling $14 million with investors spearheaded by Further Ventures, a subsidiary of ADQ based in Abu Dhabi, with notable participation from US-based Liberty City Ventures.

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