PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licences, marking its first international market entry. The approvals cover Retail Payment Services and Card Schemes (RPSCS), and Stored Value Facilities (SVF). The approval follows the completion of the initial regulatory due diligence. PhonePe will need to secure final approval before starting commercial operations in the UAE, the company said in a statement on Tuesday. PhonePe plans to work with regional banks, licensed payment service providers and local technology companies after receiving the final regulatory clearance. The company said its UAE expansion is aligned with the country’s Financial Infrastructure Transformation programme and its plans to develop a cashless economy.