New Delhi, Sept. 22 -- Digital payments platform PhonePe today said it has secured in-principle approval (IPA) from the Central Bank of the UAE (CBUAE) for two licences, following the successful completion of the initial regulatory due diligence.

These are PhonePe's first overseas licences, and will allow the fintech company to expand operations in the Middle Eastern country, the release added.

Ritesh Pai, CEO and Executive Director, International Payments at PhonePe in the statement said, "As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem."

Notably, the Walmart-backed company has received IPA for two licences - one for Retail Payment...