Digital wallets

Licensing and set-up

Regulators across UAE, KSA, Kuwait, Bahrain and Oman have issued regulations governing the licensing, set-up and operations of digital wallets in their respective regions.

The regulators are offering licenses along with a list of permissible and prohibited activities that may be undertaken by digital wallet service providers. In addition, regulators are offering support to innovative payment solutions to test their ideas in the regulatory sandbox


The digital thrust within the financial sector and government economic initiatives has led to the emergence of digital wallets prompting wide-ranging innovation from Fintech organizations. The GCC region is witnessing a burgeoning digital payment market with a significant number of market players offering a multitude of diverse services. 

In line with the financial objectives of contributing to a ‘cashless economy’, enhancing safety and efficiency of payment system infrastructure and protecting consumers, regulators across GCC are setting up the regulatory framework including licensing requirements for digital wallets.

This document provides an overview of the GCC digital wallet landscape, services offered by digital wallets in the region and common challenges faced by applicants looking to enter into the market. We have explored the regulatory landscape, frameworks and regulatory expectations through the licensing and set-up journey.

We have identified solutions that Deloitte provides throughout the licensing journey to prospective entities with a view of assisting during the licensing journey and set-up of operations in line with the regulatory requirements across GCC regions.

How Deloitte can help

Our Digital Wallet Services enable our clients to obtain a license from their respective regulator and establish their business operations.
Our Digital Wallet Licensing and set-up services include the following in line with the regulatory requirements for the jursidictions:

  • Conducting Market Research and Feasibility Study
  • Design of business model/ value proposition
  • Development of business plan and financial plan
  • Development of Organizational structure
  • Development of policies and procedures
  • Independent assessment of licensing application pack
  • Set up of key control functions
  • Support in responses to queries by the regulator
  • Development/ Review of Models for decision making and monitoring
  • Managed services and loan staffing arrangements
Deloitte Middle East Digital Wallet Licensing and setup

Get in touch

Ravi Ranjan

Ravi Ranjan

Partner | Risk Advisory

Ravi leads the Financial Risk and Risk Analytics practice in Middle East. With over 20 years of experience, he has worked with clients in the areas of Enterprise Risk, Credit Risk, Market Risk, Risk C... More

Abhinav Agarwal

Abhinav Agarwal

Partner | Risk Advisory

Abhinav is a Partner in the Financial Risk and Regulatory Advisory team at Deloitte. He has worked with regulators, large banks, Fintechs and development funds across America, Middle East, Asia Pacifi... More