Sokin Secures DFSA Licence, Expands UAE Operations
Global payments company Sokin has secured regulatory approval from the Dubai Financial Services Authority (DFSA), marking a significant step in its UAE expansion. The company has also opened a new office at One Za’abeel in Dubai. Moreover, it plans to increase its UAE workforce from approximately 65 to 100 employees over the next 12 months.
The expansion strengthens Sokin’s position in the Middle East. It also supports the company’s wider strategy to simplify international payments for businesses. Alongside the licence, Sokin has established a strategic partnership with Seed Group to accelerate its regional growth.
Founded in 2019, Sokin provides multi-currency accounts and international payment infrastructure. Its platform supports transactions across more than 170 countries and over 70 currencies. The company also processes more than $11 billion in annual payment volumes. It holds regulatory licences in 36 countries and operates eight offices globally.
DFSA Licence Strengthens UAE Payment Operations
Sokin obtained its regulatory approval through its Dubai International Financial Centre (DIFC) entity. The company holds a Category 3D licence, which authorises it to operate as a Money Service Provider.
Under this licence, Sokin can issue payment instruments and execute payment transactions. Additionally, its permissions cover account information and payment initiation services. They also include advising on and arranging money services.
The company has also partnered with Ruya Community Islamic Bank to introduce UAE dirham accounts. As a result, businesses can manage local AED accounts alongside 28 other currencies. Ruya Bank, which holds a Central Bank of the UAE licence, maintains the dirham deposits.
The arrangement also gives platform partners access to local payment infrastructure. Therefore, businesses can move money into and out of the UAE while managing international payments through Sokin’s wider network.
Sokin Plans to Expand Its UAE Workforce
Sokin currently employs approximately 65 people in the UAE. However, the company plans to increase that number to 100 over the coming year.
Recruitment will focus on partnerships and operational functions. In particular, the partnerships team will work with fintech companies and software platforms. These relationships will help businesses integrate Sokin’s multi-currency accounts into their existing services.
Founder and CEO Vroon Modgill described Dubai as a central base for the company’s international operations. He also said Sokin had spent nearly three years developing its UAE presence through its relationship with Seed Group.
The company reports 100% year-on-year growth. Furthermore, Modgill expects transaction volumes to double in the coming year. He sees the new regulatory approval and local banking arrangements as important foundations for that expansion.
Stablecoins and AI Shape Future Payment Services
Sokin is also expanding its payment infrastructure through stablecoins and artificial intelligence. Earlier in 2026, the company introduced stablecoin accounts and settlement services.
Additionally, Sokin developed an MCP connector that allows finance teams to initiate payments through AI tools. This approach aims to connect payment infrastructure with the software businesses already use.
However, the company continues to rely on regulatory oversight for financial activities. Modgill has emphasised the importance of human involvement in licensing and regulatory processes.
Meanwhile, the Seed Group partnership provides access to regional business networks and potential customers. Hisham Al Gurg, CEO and Co-Founder of Seed Group, has highlighted the growing complexity of international financial operations.
Sokin’s latest expansion reflects Dubai’s continued role as a base for international fintech companies. With DFSA approval, a local banking partnership, and planned recruitment, the company aims to serve businesses with increasingly complex cross-border payment requirements.
