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Instant Cash, a company in the FINTX portfolio, the fintech arm of Emirates Post Group, has been granted a Retail Payment Services and Card Schemes Regulation (RPSCS) Category 2 license by the Central Bank of the United Arab Emirates (CBUAE). This makes it the first money transfer operator (MTO) in the UAE to receive this license.
By achieving this milestone, Instant Cash is poised to realize its ambitious expansion strategy, as the license paves the way for local, regional and global expansion, further enabling the company to expand its offerings in the remittance space.
Obtaining the RPSCS license strengthens Instant Cash’s market position by further building trust with its partners, based on a strong regulatory framework.
key milestone
Ahmed Al Awadi, Managing Director and CEO of FINTX and Chairman of Instant Cash, said: “This achievement is a major milestone in FINTX’s strategy to build a fintech ecosystem in the UAE and beyond. The vision of the company to provide an effective framework presents us with a unique opportunity that we want to seize. This license will drive the transformation of the company into a true fintech company. Our aim is to be a de facto partner for both traditional and fintech companies, To that end, FINTX and our shareholders are doubling down on our investment in the company.”
Instant Cash is already a household name in the region and a respected partner of many financial institutions around the world. The company has grown significantly over the past few years, and the new license will drive stronger growth through accelerated global expansion.
The company will now be able to actively strengthen its domestic (UAE) and cross-border remittance services as part of its existing business model and launch various new services for its global customers.
Global expansion will allow Instant Cash to strengthen its presence in existing channels, especially in Asia (Bangladesh, India, Pakistan, etc.), and to further develop existing and Other channels Africa) and Europe.– trade arab news agency
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