Pemo took an important regulatory step today. The UAE spend-management company said it received in-principle approval from the Central Bank of the UAE for a Stored Value Facilities license. The approval does not turn Pemo into a fully licensed wallet provider yet. It means the company can move forward with the final licensing process, subject to the Central Bank’s conditions.
For UAE businesses already using Pemo, nothing changes overnight. The cards and payment setup customers use today still rely on licensed partners. What changes is the direction of travel: Pemo is trying to bring more of the money layer under its own regulatory permission.
What Pemo Offers Today
Pemo is already used for corporate cards, expense tracking, approvals, and other spend-management tasks. Its current card terms name NymCard Payment Services LLC as the card issuer, while Pemo provides the software and program layer as NymCard’s agent.
This partner model is common in fintech. The app controls much of the customer experience, while a separately licensed company handles the regulated payment function behind it. Pemo’s current terms are also clear that Pemo itself is a technology provider, not a bank.
What the CBUAE Approval Adds
The new approval is for a Stored Value Facilities, or SVF, license. If Pemo completes the process, the company says it will be able to hold and manage business funds digitally for customers under its own regulatory framework.
A full license could open the door to a more complete business wallet inside the Pemo platform. Instead of relying on separate layers for cards, funding, and expense management, more of the experience could eventually sit inside one regulated product.
Pemo expects the licensing process to be completed in the coming months. Until that happens, the distinction is important: in-principle approval is progress, not the final license.
Why the Legal Structure Matters
Most business owners do not think about the legal entity behind a fintech app when everything works. It becomes important when money is delayed, a card is blocked, or a complaint needs to be escalated.
Under the current structure, the card issuer and other regulated partners still matter because they sit behind key parts of the service. If Pemo receives its own SVF license, the company can take more direct responsibility for holding and managing customer funds.
For users, that could make the product simpler. It also makes the regulatory relationship clearer because more of the financial service would sit with the company whose app they already use.
Pemo Is Following a Wider UAE Fintech Trend
Spend-management companies across the UAE started by building software around banks and payment partners. The model helped them move quickly, but it also meant the fintech did not control every part of the financial stack.
The market is now moving toward deeper licensing. Providers want to own more of the customer relationship, from the card and expense controls to the wallet and movement of funds.
We saw the same issue in our Qashio review. The product can be useful while the regulated issuer still sits behind the scenes. Knowing which company handles which part matters.
Mamo has taken a different route. Our Mamo review looks at a provider that already holds its own DFSA permission for Providing Money Services.
The Timing Also Matters
The approval comes while the UAE is tightening the regulatory line around apps that move, store, or manage money. The old idea that a company can simply describe itself as software becomes harder to maintain once the product starts doing regulated financial work.
We built a CBUAE license checklist for UAE apps for exactly this reason. The question is no longer whether an app looks like fintech. The question is what the app actually does with customer money.
Pemo’s application shows where the market is heading. Rather than staying only at the software layer, the company is preparing for a bigger role in the financial infrastructure behind the product.
What Could Change for SMEs
A full SVF license could make Pemo more useful for businesses that want one place to manage day-to-day spending. The company has said the approval would support a digital wallet and make it easier to hold and access funds within the platform.
The biggest benefit would be for companies that already use Pemo for cards and expense controls. A wallet could bring budgeting, funding, and spending closer together, which is where many business-finance apps still feel fragmented.
There is also a strategic benefit for Pemo. Expense software is competitive and easy to compare on features. A regulated wallet creates a deeper financial relationship with the customer and gives the company more room to build new products around that relationship.
The Product Is Changing at the Same Time
Pemo has also changed its pricing. The company now offers a free Starter plan with unlimited users and unlimited physical and virtual cards, while Premium and Enterprise plans add more advanced controls and workflows.
The free tier gives smaller companies a low-cost way to enter the platform. Pemo can then try to grow with the customer as the business needs more controls, financing, or other financial tools.
The company says more than 6,000 UAE businesses already use Pemo. Pemo reports that number itself, so it should not be read as an independently audited user count.
What Current Customers Should Do
There is no reason for existing customers to change anything because of today’s announcement. The practical terms of the current product remain the same until the final license is granted and new terms or products are introduced.
For now, look at the service that exists today. Check who issues the card, where funds are held, and which terms govern the account. If Pemo later receives the full SVF license, read the updated terms again because the legal structure may change with the product.
The Bottom Line
Pemo’s in-principle approval is meaningful because it shows the company is moving beyond expense software and closer to the regulated money layer.
The final license still matters. Until it arrives, Pemo continues to rely on licensed partners for key payment functions. If the process is completed, the company will be able to bring more of those functions under its own regulatory umbrella.
For UAE SMEs, that is the part worth watching. Not the badge on the announcement, but whether Pemo can turn a useful expense app into a more complete financial platform.
Sources
• Pemo: July 28, 2026 announcement of CBUAE in-principle approval for an SVF license — https://www.pemo.io/press-rooms/pemo-receives-in-principal-approval
• Pemo: Current card terms naming NymCard Payment Services LLC as issuer and Pemo as agent — https://www.pemo.io/pemo-cards-terms-and-conditions
• Pemo: Current payment/legal disclosure stating Pemo is a fintech provider, not a bank — https://www.pemo.io/payment-terms-and-conditions
• Pemo: Platform terms describing the partner structure and safeguarded client pool account — https://www.pemo.io/terms-and-conditions
• Pemo: Current 2026 subscription plans, including free Starter tier — https://help.pemo.io/en/articles/15733129-subscription-plans-and-pricing-new-plans-starter-premium-enterprise
Robius.news — Dubai, UAE — 2026 | Built to be first. Built to be trusted.
