Dubai’s financial system will gain from Sokin’s expanded operations. The fintech company has secured a regulatory license from the Dubai Financial Services Authority (DFSA). This allows Sokin to offer dirham accounts and payment services to local businesses.
Workforce and office growth
Sokin plans to double its UAE workforce to 100 employees over the next year. It will open a new office at One Za’abeel to support this growth. This marks a key step in its nearly three-year partnership with Seed Group in the region.
Vroon Modgill, Sokin’s founder and CEO, highlights Dubai’s role as a financial hub. It connects global enterprises to the Middle East, Africa, and South Asia (MEASA). With DFSA approval, Sokin’s DIFC entity can now issue payment instruments and process transactions. It will also offer account information, payment initiation, and money services advice.
A partnership with Ruya Community Islamic Bank lets Sokin provide onshore AED accounts. Businesses can now hold dirhams alongside 28 other currencies. This simplifies international payments for companies with Dubai regional headquarters.
According to Seed Group CEO Hisham Al Gurg, the expansion shows the complex financial needs of companies operating across international borders, and Dubai’s appeal to businesses with global operations, which often require sophisticated financial solutions.
Modgill and Al Gurg explored the opportunities for cross-border operations during a launch event in Dubai on November 12.
Tech infrastructure development
Sokin leads the next wave of financial technology innovation. It has launched stablecoin accounts, settlement services, and AI-powered treasury tools. An MCP connector lets finance teams initiate payments through existing AI systems.
With regulatory licenses in 36 countries and operations spanning 170 countries, Sokin supports payments in over 70 currencies, with businesses moving more than $11bn annually through its platform.
Local banking access is key for companies scaling digital operations in the region. They need to convert digital currencies to fiat or use AI for payments. Sokin’s banking partnerships provide the stability required for these processes.
Founded in 2019, Sokin operates from eight global offices. It has raised over $100 million from investors like Morgan Stanley Expansion Capital and Prysm Capital. The goal is to strengthen its Dubai presence as a key regional payment hub. This will support cross-border transactions for businesses.
