India, Sept. 9 -- Domestic fintech major PhonePe, which commands the largest share of India's UPI payments market, is set to begin operations in the UAE, marking its first foray into an overseas market.

The company has secured a licence from the Central Bank of the UAE and will soon operationalise it, PhonePe Founder and Chief Executive Sameer Nigam said on Wednesday.

"PhonePe will be launching its local operations in the UAE as our first foreign market," Nigam told reporters on the sidelines of the annual Global Fintech Festival here.

He said the company aims to build a global business over the next decade.

The UAE licence will allow PhonePe to offer a range of services in the country, including its own wallet and gift cards, remitta...