Sokin secures Dubai licence and opens One Za’abeel office

Global financial technology company Sokin has obtained a Dubai Financial Services Authority licence and opened an office at One Za’abeel, expanding its regulated payments operations in the UAE while targeting a local workforce of 100.
The authorisation, held by Sokin DIFC Limited, permits specified money services from the Dubai International Financial Centre. The company is also introducing locally banked dirham accounts through a partnership with Ruya Community Islamic Bank, enabling businesses to receive and manage UAE currency alongside international payments.
Sokin’s founder and chief executive, Vroon Modgill, said Dubai would serve as a substantial operating base rather than a peripheral office. The company currently employs approximately 65 people in the UAE and expects to recruit across functions including partnerships as it expands services for corporate customers and financial technology platforms.
The company has also highlighted its strategic relationship with Seed Group, which is associated with the Private Office of Sheikh Saeed bin Ahmed Al Maktoum. The relationship began almost three years ago, preceding the latest regulatory approval and the opening of the new premises.
Sokin’s Category 3D authorisation covers issuing payment instruments, executing payment transactions, providing account information and payment initiation services, and advising on or arranging money services. These permissions apply to its regulated DIFC entity and should not be confused with unrestricted authorisation for every financial activity throughout the UAE.
The arrangement with Ruya Community Islamic Bank provides the onshore banking component of its dirham offering. Ruya, which is licensed by the Central Bank of the UAE, holds the underlying dirham deposits. Sokin says corporate customers can now maintain dirham balances alongside accounts in 28 other currencies.
For companies receiving payments from UAE customers, the new facility is intended to reduce the need for separate arrangements to collect local currency. Sokin also plans to make local payment infrastructure available to platform partners whose customers need to transfer funds into and out of the country.
Modgill said demand comes partly from companies operating across several markets and managing multiple banks, payment providers and accounting systems. Sokin aims to bring those functions together through its platform, although the practical savings for individual customers will depend on their transaction patterns and existing banking arrangements.
The expansion was marked at a Dubai event on 12 November attended by company executives and representatives of Seed Group. Hisham Al Gurg, Seed Group’s chief executive, described the complexity of financial requirements faced by businesses with international operations as a factor supporting the partnership.
Sokin says more than $11 billion in annual business payments pass through its infrastructure. Its network supports transactions involving more than 70 currencies across 170 countries, while the company reports holding regulatory licences in 36 countries. Those figures describe the wider business rather than volumes generated by its new UAE operations.
The company has set a target of doubling transaction flows next year, building on what Modgill described as annual growth of 100 per cent. That ambition remains a company projection rather than an independently established forecast, and no separate revenue or profitability figures for the UAE operation were disclosed.
Sokin is also developing payment capabilities involving stablecoins and artificial intelligence. It has introduced stablecoin accounts and settlement services and an interface designed to let finance teams initiate payments through compatible AI tools. The company says these features complement conventional banking and payment networks rather than replacing them.
The technology introduces additional operational and compliance considerations, particularly where digital assets must be converted into national currencies or automated systems initiate transactions. Modgill has emphasised the continuing role of human oversight in regulatory processes, even as the company adopts AI for operational efficiency.
Sokin was founded in 2019 and operates eight offices internationally. It says it has raised more than $100 million from investors including Morgan Stanley Expansion Capital and Prysm Capital. The company has not announced a specific investment value for its One Za’abeel office or a detailed timetable for filling each of the planned UAE positions.
Its latest expansion builds on the existing Seed Group relationship rather than constituting a newly signed partnership. The group says it assesses more than 2,000 businesses annually and selects fewer than 20 for collaboration, providing market access and local commercial support to participating companies worldwide.