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UAE SMEs benefit from digital finance push as Pemo secures key CBUAE approval
As the government pushes ahead with its digital transformation agenda, improving access to financial services for the sector remains a key priority
- PUBLISHED: Tue 28 Jul 2026, 4:18 PM
Small and medium-sized enterprises (SMEs) continue to play a pivotal role in the UAE’s economic growth, accounting for around 90 per cent of operating companies and contributing more than 60 per cent of the country’s non-oil GDP. As the government pushes ahead with its digital transformation agenda, improving access to financial services for the sector remains a key priority.
Despite their significant contribution to the economy, SMEs receive only around 10 per cent of total bank funding, leaving many businesses reliant on traditional banking channels that can slow access to funds and affect day-to-day cash flow management.
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As the UAE continues to strengthen its position as a regional fintech and innovation hub through progressive regulation and digital-first initiatives, companies are increasingly expanding the range of financial services available to businesses.
In the latest development, Dubai-based fintech Pemo has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) licence, a regulatory milestone that will allow the company to hold and manage customer funds digitally once the licensing process is complete.
The approval paves the way for Pemo to introduce digital wallets and new fund-holding capabilities for its more than 6,000 UAE business customers, enabling businesses to load, hold and spend money digitally without routing every transaction through a traditional bank account.
A Stored Value Facilities licence, regulated by the CBUAE, allows licensed entities to hold customer funds in digital wallet-style accounts. This enables businesses to load, hold and spend money digitally through a single platform rather than routing every transaction through a traditional bank account.
“This in-principle approval reflects the trust our customers place in us every day. We are deeply grateful to the Central Bank of the UAE for its guidance throughout this process, to our team for the work that made it possible, and to our customers for the trust they place in us every day. From day one, Pemo has been built for SMEs here. This milestone means we can keep deepening that support while opening the door to new products that go beyond spend management and make managing business finances even simpler,” said Ayham Gorani, Co-Founder and CEO of Pemo.
For SMEs, the move is expected to provide faster access to funds already held within the platform, greater flexibility in funding corporate cards and improved day-to-day cash flow management. By operating stored value on its own regulated infrastructure, Pemo aims to reduce the delays businesses can experience when transferring and accessing their funds.
The company said it expects to complete the licensing process in the coming months and is among the first spend management platforms in the UAE to receive in-principle approval for an SVF licence.
Founded in the UAE in 2022, Pemo has grown to serve more than 6,000 businesses across the country, ranging from fast-growing SMEs to companies including Talabat, Sodexo and Al Marwan Group Holding. Its platform combines corporate cards, automated expense management and accounting integrations to help businesses manage company spending.
The approval also marks a step in the company’s plans to expand beyond spend management into a broader suite of financial services for SMEs. In addition to digital wallets, Pemo plans to introduce new fund-holding capabilities and other financial products aimed at supporting the day-to-day financial operations of businesses.
The company said there will be no immediate changes for existing customers, with customer funds continuing to be safeguarded through licensed partners while the licensing process is completed. Once fully licensed, Pemo itself will be regulated by the Central Bank of the UAE to hold customer funds in accordance with CBUAE rules, enabling businesses to move and spend funds more directly through the platform.
Pemo said the approval is the first of several developments planned in the coming weeks as it expands partnerships and broadens its financial services offering for SMEs in the UAE.
