Sokin gets a DFSA licence and opens a Dubai office, planning to grow its UAE team to 100

Sokin has secured a licence from the Dubai Financial Services Authority through its DIFC entity and opened an office at One Za'abeel. The approval lets it issue payment instruments, execute payment transactions, provide account information and payment initiation services, and arrange money services. A partnership with Ruya Community Islamic Bank lets businesses hold onshore dirham accounts alongside 28 other currencies.

Founded in 2019 by CEO Vroon Modgill, Sokin offers multi-currency accounts and cross-border payments. Businesses move more than $11 billion a year through it across 170 countries and over 70 currencies, and it holds licences in 36 countries.

It plans to double its UAE team to 100 people over 12 months, after almost three years in the UAE with Seed Group, part of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum. It has raised more than $100 million; investors include Morgan Stanley Expansion Capital, Prysm Capital and Rio Ferdinand.