Bengaluru, Sept. 22 -- PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licences, marking the company's first international regulatory approval and paving the way for its entry into the UAE market.

The approvals cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), PhonePe said in a press release on Tuesday.

The approvals follow the completion of the initial regulatory due diligence by the CBUAE, the company said.

"We are honoured to receive In-Principle Approval from the CBUAE. The country's vision and regulatory environment make it an ideal setting for our international journey," said Ritesh Pai, CEO and Executive Director, International Payments a...