Fintech trading platform Deriv has secured a license to operate in the U.A.E. from the Securities and Commodities Authority on Wednesday, as per an official press release by the company.
The update comes as the fintech sector continues to grow in the country, with prominent development occurring in Dubai. A report by Emirates NBD covering the sector in the UAE noted growth with fintechs attracting $265 million in funding in 2024, which formed 1/3rd of all startup funding. The local fintech market is expected to grow to $5.71 billion by 2029.
The statement by Deriv says the company has 26 years of experience and 3 million customers globally.
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“As we enter our 26th year, the SCA license for our UAE entity anchors our next chapter of growth,” said CEO Rakshit Choudhary.
Choudhary assumed a leadership position at Deriv earlier this year, taking over from Jean-Yves Sireau, the founder, who now stays on as a majority shareholder while managing a new AI venture called n1.healthcare. Prior to his appointment as CEO, Choudhary was serving as co-CEO alongside Sireau, before which he was Chief Operating Officer (COO).
“Obtaining our SCA licence was fundamental to our regional strategy, allowing us to serve clients in the UAE with the transparency, safeguards, and service quality that have defined Deriv for over two decades,” said Chief Compliance Officer Joanna Frendo.
