PhonePe gets initial UAE nod; Pakistani remittance startup raises $20m

Indian digital payments firm PhonePe has received initial approvals from regulators in the United Arab Emirates and is preparing to launch digital wallets, remittance services and payments for small and medium enterprises, FWDStart reported on Thursday.

The outlet's headline said PhonePe had secured the approvals and was now looking at wallets, remittances and SME payments, but the report did not specify which regulator granted the approval or when the services would become available. The outlet's standfirst repeated the same wording and offered no further information.

Bol News, meanwhile, carried a headline saying a Pakistani entrepreneur has secured $20 million for a remittance startup. The outlet did not name the entrepreneur, the company or the investors, and no further details were immediately available in the material seen by Skardu Times. Both reports were published on Thursday, and it was not immediately clear whether the two items are connected. Bol News likewise offered no details beyond its headline.

The reports come as digital payment companies compete for remittance flows from the Gulf, a region that hosts one of the largest Pakistani expatriate communities in the Middle East. The UAE is a major destination for Pakistani workers, and the dirham is among the most common currencies sent home. Remittances are among Pakistan's most important sources of foreign exchange and directly affect the country's current account.

PhonePe is one of India's largest digital payments platforms, known for mobile wallets and UPI-based transactions. An expansion into the UAE would put the company in competition with established remittance and payment operators that serve South Asian workers.

Skardu Times could not independently verify either report, and readers should treat the details as preliminary until fuller reports or official statements are published.