Jollypay, the online payment platform of Chinese e-commerce firm Jollychic, has secured a licence to begin operations in the UAE.

The payment platform is said to be one of the first foreign entities to secure such a licence in the Emirates.

The latest move comes following the UAE government’s law to allow sole foreign ownership of firms in the UAE.

A total of 122 economic activities, including e-commerce, are eligible under this rule.

According to Jollychic, the move offers its payment platform “precedence to become the easiest and potentially one of the most popular payment methods for mobile users and mobile applications developers in the region”.

Jollypay launched in 2017 in China and expanded to Hong Kong in the same year.

The platform was developed by a team having experience in e-financial organisations, multinational banks, online payment firms, banking security, as well as other specialised payment systems.

Jollypay COO Liu Yang said: “Our long experience in the Arabic market, specifically in the UAE with Jollychic, has given us the push to develop more technical mechanisms to serve the Arab and Emirati user and to provide easy and secure e-payments.

“In cooperation with the GCC and local governments to develop this technology, we will transform UAE society into a ‘cashless society’ by building a new financial ecosystem in the Middle East.”