Payments FinTech Wizz to acquire UAE Exchange
Payment solutions FinTech Wizz Financial is preparing to change its brand name after receiving approval from the UK Financial Conduct Authority (FCA) to buy UAE Exchange UK Limited.
The approval comes after a green light from the United Arab Emirates and regulatory units in the United States and the Middle East, according to a press release on Monday (July 18).
“Approval from the FCA is an important step towards the full operationalization of the UK company, which plays an integrated role for those making money transfers between the UK, UAE and India,” the release said.
Wizz Financial will rebrand the UAE Exchange UK which focuses on synchronizing all its offerings between the US, UK, UAE and India, according to the release.
“Wizz Financial is investing in the latest state-of-the-art technology to build the best stock exchange and compliance platforms in the world,” the release said. “UAE Exchange UK will offer more than just money transfers, but also microloan solutions and a range of related innovative products.”
Also on Monday, the UAE-based B2B e-commerce platform Tradeling announced its first collaboration with Amazon Payment Services.
Read more: B2B e-commerce company that trades with Amazon’s payment services
“This partnership seeks to strengthen Tradeling’s credit offering and benefit customers by providing them with a payment service that includes a partial payment function through various banks and more,” the company said in its own press release.
With Amazon Payment Services as a payment service, Tradeling customers can make payments with various installment options, which allow them to activate a shared payment offer using 14 banks in the UAE.
Amazon Payment Services CEO 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 across [Middle East and North Africa (MENA)] region.”
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