Dubai - Sharikat Mubasher: Pemo, one of the leading all-in-one spend management platforms for small and medium-sized businesses (SMEs) in the UAE, secured the in-principle approval from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license.
The approval will enable Pemo to hold and manage business funds digitally on its customers' behalf once the licensing process is complete, the company stated in a press release today.
Pemo is one of the first spend management platforms in the UAE to receive SVF in-principle approval and expects to complete the licensing process in the coming months.
This milestone paves the way for Pemo to introduce a wide range of financial products beyond its existing spend management platform, including digital wallets and new fund-holding capabilities built for the day-to-day needs of SMEs across the UAE.
With the SVF license, Pemo’s SME customers will have faster, more direct access to the funds already in their account, more flexible corporate card funding, and greater day-to-day control over company cash, all inside a single platform.
Ayham Gorani, Co-Founder and CEO of Pemo, said: “This in-principal approval reflects the trust our customers place in us every day. We are deeply grateful to the Central Bank of the UAE for its guidance throughout this process, to our team for the work that made it possible, and to our customers for the trust they place in us every day. From day one, Pemo has been built for SMEs here. This milestone means we can keep deepening that support while opening the door to new products that go beyond spend management and make managing business finances even simpler.”
The in-principle approval marks a first step in Pemo's evolution from a spend management platform into a broader financial services provider for UAE SMEs.
Pemo is one of the UAE’s leading spend management platforms for SMEs that gathers corporate cards, spend management, and payments in a single platform. It is adopted by more than 6,000 UAE businesses and has shipped more than 200 product releases in less than four years.