Sokin, a global financial technology company, is now licensed by the Dubai Financial Services Authority (DFSA) as part of its expansion plans to UAE.Global financial technology company Sokin has received a licence from Dubai Financial Services Authority (DFSA) as part of its plans to expand to the UAE. The company also intends to boost UAE workforce to 100 over the next year.
The valuation was done by its company based in Dubai International Financial Centre (DIFC) under the auspices of the Dubai Financial Services Authority.The company, established in London, gained regulatory clearance through its entity based in Dubai International Financial Centre (DIFC) under the Dubai Financial Services Authority (DFSA). The licence gives Sokin permission to offer a number of financial services, such as payment transactions, payment initiation services and account information services.
Sokin is expanding with a new office in One Za’abeel in Dubai. The firm has also entered into a partnership with ruya Community Islamic Bank to provide UAE dirham accounts for businesses as well as 28 other currencies.
The venture comes after almost three years of Sokin’s business in the UAE in partnership with Seed Group.
The company’s goals include expanding its footprint in Dubai and assisting companies with international payments and cross-border financial transactions. Dubai has become a regional hub for fintech and international financial services as a whole, and its latest move is a testament to this.
With a projected expansion to 100 workers, Sokin is set to support its expansion and business activities in the region.
