Indian digital payments platform PhonePe has received in-principle approval from the Central Bank of the United Arab Emirates (UAE) for two payment licences, marking its first major step towards expanding its business internationally. The approvals cover Retail Payment Services and Card Schemes, as well as Stored Value Facilities, which can support digital wallets and other payment services. The company plans to work with local banks and payment providers and explore integration with the UAE’s domestic payment systems, Aani and Jaywan. However, PhonePe must obtain final regulatory approval before launching commercial operations in the country.