Pemo’s in-principle approval for a UAE Stored Value Facilities licence could bring wallets, faster funding and more direct cash control to SMEs. It does not change customer accounts today.
Pemo’s in-principle approval is a regulatory milestone, not a live new licence for customers. On 28 July 2026, the UAE fintech said the Central Bank of the UAE had approved its application in principle for a Stored Value Facilities, or SVF, licence. Pemo expects the licensing process to finish in the coming months. Until then, its customers should not assume that a new wallet or fund-holding service is available.
The immediate message for a UAE business is simple: nothing changes today. Pemo says customers do not need to take action, and that existing products continue to operate through regulated infrastructure with customer funds safeguarded through licensed partners. (pemo.io)
An SVF is a regulated facility that stores value digitally and lets the customer use that value to make payments. The CBUAE framework covers both device-based facilities and network-based accounts, including digital wallets. Issuing or operating an SVF in the UAE requires prior CBUAE approval, except for narrow exemptions.
In Pemo’s proposed model, a business could load money into a digital wallet-style account, hold it there, and use it for spending and corporate-card funding without routing every action through a traditional bank account. That could make day-to-day cash movement more direct once Pemo is fully licensed. (rulebook.centralbank.ae)
The important distinction is between an in-principle approval and the completed licence. The first says the regulator is prepared to continue the process on the basis of the application. It does not mean every planned product is live, or that every feature has been approved for customer use.
The useful change is not “another finance app”. It is the possibility of one regulated place to hold, fund and spend operating cash.
Consider a Dubai services firm that already uses Pemo for corporate cards and expense controls. Today, its finance manager may move money into the platform through the existing arrangement, then wait for that balance to become available for employee spending. Under Pemo’s stated plan, money held on Pemo’s own regulated rails could be moved and spent faster, with more direct control over company cash.
That matters most where timing creates friction: project teams waiting for card funding, managers moving money between accounts, or finance staff checking whether a balance is ready before approving a payment. It could also reduce the number of separate tools used for cards, spending and cash access.
Pemo says it already serves more than 6,000 UAE businesses and has combined corporate cards, automated expense tracking and accounting integrations since launching in 2022. The proposed SVF capability would extend that existing spend-management model rather than replace the company’s accounting, tax or invoicing obligations. (pemo.io)
A wallet is not a substitute for proper records. Businesses still need a reliable way to match transactions, invoices and approvals. If several people spend from different cards, an ERP and automation setup can remain useful alongside any wallet product.
The CBUAE’s SVF rules require customer funds, known as the float, to be protected from claims by the provider’s other creditors. The rules also require appropriate safeguarding arrangements, segregation from the provider’s own funds and regular reconciliation between customer ledgers and the funds held.
The framework also includes requirements for financial resources, record keeping, data protection, information security and anti-money-laundering controls. That does not remove business risk, and it does not turn an SVF provider into a bank. It does mean the product sits inside a formal regulatory framework rather than being treated as an ordinary software balance. (rulebook.centralbank.ae)
Owners should still ask practical questions before moving important operating cash: who legally holds the funds, how redemption works, what happens if the account is restricted, how card transactions appear in the books, and which services are available under the final licence.
If you already use Pemo, do nothing immediately. Follow the provider’s product and regulatory updates, but do not change your banking arrangements until a live product, terms and operating process are clear.
If you are comparing finance tools, add SVF status to the checklist, but do not choose on the licence headline alone. Compare the wallet with your current bank account, card provider and accounting workflow. Check funding speed, permissions, reconciliation, support and the treatment of customer funds.
Do not confuse this announcement with a solution to every finance problem. It may improve access to operating cash, but it will not fix weak approval rules, poor bookkeeping or missing invoices. For businesses preparing for wider digital reporting requirements, the UAE e-invoicing guide remains a separate question.
Paknology has a commercial interest when a business needs company formation, software, websites, automation or related implementation. Our role is not to recommend Pemo or any other financial provider. If a simpler bank account and existing card setup already work, changing nothing may be the cheaper and better choice. If your finance processes are fragmented, review the workflow first and then consider ERP and automation support.
Sources
Book a free consultation and get a clear roadmap — from company formation to a fully automated digital operation.