The licence and regulatory approvals is what pushed the firm to bet big on Dubai. Sokin obtained it through its Dubai International Financial Centre (DIFC) office, where it is regulated as a Money Service Provider with a Category 3D licence. It covers issuing payment instruments and executing payment transactions. It also covers account information and payment initiation services, plus advising on and arranging money services.

A partnership with Ruya Community Islamic Bank LLC delivers the onshore AED services. Ruya, licensed by the Central Bank of the UAE, holds the dirham deposits. UAE businesses can hold a dirham account alongside 28 other currencies.

Competition is crowded. Banks and money transfer firms have operated in the UAE for decades. Modgill argues that price alone is the wrong battleground. Corporates operating in 10 countries often juggle 10 banking partners, 10 accounting platforms and 10 payment acceptance methods, he observes. That adds up to roughly 30 platforms. “What we decided as a team very quickly is what if we just condense that into one?” he says. “We’re probably the only ones in the market that has that full stack.”

Chasing rivals on price would backfire, he warns. In a pricing war, he says, “I might win one transaction, that’s about it.” Retention matters more, he adds, with existing customers doing more business with Sokin each month.