The Central Bank of the UAE (CBUAE) has granted Edenred UAE, a longstanding payroll solutions provider in the UAE and a member of the international Edenred Group, in-principle permission for its application to function as a licensed Stored Value Facility (SVF) provider.
For more than eighteen years, Edenred has been a part of the payroll system in the United Arab Emirates. Since then, the company has expanded to serve more than 20,000 companies and more than 2.5 million workers throughout the United Arab Emirates. It processes salaries on a monthly basis for workers in a variety of industries, including construction, retail, hospitality, logistics, and more. A large portion of these workers rely on their salary card as their primary financial account to access and receive their wages. This expansion occurred covertly: Edenred UAE became one of the most popular payroll solutions in the nation by establishing a reputation for operational dependability and regulatory compliance.
As Edenred moves closer to obtaining full SVF licensing, this milestone represents continuity rather than change for the companies that depend on Edenred to pay their employees and for the workers who are paid through it. The ongoing development of stored-value and payment solutions, together with a significant emphasis on financial inclusion for a workforce that is predominantly unbanked or underbanked, are also indicative of the overall trend of the UAE’s financial sector.
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