ABU DHABI, UNITED ARAB EMIRATES — 16 September 2026 — Foloosi, a UAE-born payments technology company, today announced that it has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Category III licence under the Retail Payment Services and Card Schemes (RPSCS) Regulation. Foloosi founded by Omar Bin Brek and Mohan K
The milestone represents an important step in Foloosi’s regulatory journey as it works towards obtaining its final licence, subject to fulfilling the remaining requirements and conditions prescribed by the Central Bank of the UAE.
Foloosi has built its business around helping UAE merchants accept and manage digital payments across online and in-person channels. The company has now surpassed AED 7 billion in payment volume and has served more than 10,000 merchants across the UAE.
From its beginnings as an online payment gateway, Foloosi has expanded into a broader merchant payments platform spanning online payment acceptance, payment links, invoicing, subscriptions and recurring payments, QR payments, Tap to Phone, point-of-sale solutions, e-commerce and merchant payment operations.
“Receiving In-Principle Approval from the Central Bank of the UAE is an important milestone for Foloosi and reflects the progress we have made in building a strong, secure and scalable payments business in the UAE.
We started Foloosi with a simple ambition: to build payment technology in the UAE that could serve businesses of every size. Today, after processing more than AED 7 billion in payments and serving over 10,000 merchants, we are entering the next chapter of that journey.
Our focus now is to complete the remaining regulatory requirements and continue building Foloosi into a trusted payments infrastructure company for the UAE.”
Omar Bin Brek
Co-Founder & Chief Executive Officer, Foloosi