AvenuesAI Subsidiary Secures In-Principle Approval for Retail Payment Services License from Central Bank of the UAE
AvenuesAI Limited has received In-Principle Approval from the Central Bank of the UAE (CBUAE) for its Step Down Subsidiary Company, Avenues World FZ LLC. The approval grants a Retail Payment Services - Category III License, which is expected to strengthen the company's position within the rapidly growing digital payments ecosystem in the region.The CBUAE granted the In-Principle Approval in accordance with the Retail Payment Services and Card Schemes Regulation. This development underscores Avenues World FZ LLC's strategic importance in facilitating cashless transactions and enhancing the e-commerce ecosystem across the UAE, where it has operated as a pioneer in digital payment services since 2015.
The core details regarding this regulatory milestone are summarized below:
| Aspect | Details |
|---|---|
| Regulatory Authority | Central Bank of the UAE (CBUAE) |
| Approval Obtained | In-Principle Approval for a Retail Payment Services - Category III License |
| Impact on Company | The approval is set to accelerate business growth, expand customer reach, and offer innovative payment solutions across UAE. Avenues World FZ LLC aims to enhance the e-commerce ecosystem and create long-term value, benefiting the parent company through enhanced strategic opportunities and potential value appreciation. |
The approval granted by CBUAE allows Avenues World FZ LLC to continue focusing on facilitating cashless transactions in line with industry standards. The significance of this license is that it supports sustainable growth within the digital payments sector in the UAE.
CCAVENUE Stock Price Movement
Today, AvenuesAI Limited’s stock closed up after trading activity concluded, settling at ₹13.99, fueled by a modest 0.07% gain. The equity saw total volume of 6.89 million shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.