By Staff Writer
British-based cross border payments provider, Crown Agents Bank (CAB), has announced that its new Middle Eastern Subsidiary, CAB Global Markets, has received an In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) in the ADGM for a Category 2 Financial Services Permission.
The news marks a major milestone in CAB’s strategy to deliver prosperity to the emerging markets it serves around the world. The licence will accelerate access to government, central banking and other important stakeholders, opening doors and creating unique opportunities and relationships across CAB’s global network.
The company also announced that Arif Khan has been appointed as Senior Executive Officer to lead CAB Global Markets. Arif will be spearheading the organisation’s growth and expansion in the region.
“Securing this IPA is a pivotal step in our global roadmap and a strong endorsement of our strategic focus on the region and the wider emerging markets which we are focused on delivering prosperity to.” said Neeraj Kapur, CEO of CAB. “We are committed to scaling our offering in Abu Dhabi and contributing to the UAE’s vision of becoming a leading international financial centre. Our aim is to bring sophisticated, institutional grade, transactional solutions to the region, which unlock opportunities for long-term growth for clients operating in the world’s most vibrant and dynamic markets.”
CAB’s growth into Abu Dhabi reflects the business’s recognition of the UAE’s rapidly growing status as a global financial centre, underpinned by bold economic vision, forward-looking regulation, and strong institutional frameworks. Abu Dhabi’s strategic location and economic vision make it a natural hub for CAB’s mission of driving financial inclusion and prosperity across emerging markets.
CAB offers foreign exchange, cross-border payments, trade finance and treasury management solutions with a focus on emerging markets. It only deals with banks, central banks and non-bank financial institutions and does not have corporate or retail customers.
The In-Principle Approval from the ADGM’s FSRA adds to CAB’s global regulated footprint alongside the UK, Netherlands and the USA.
