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Tuesday, May 30, 2023

Remittance firm Instant Cash gets license from UAE Central Bank

instant cash Licensed by the Central Bank of the United Arab Emirates (CBUAE).

With the Retail Payment Services and Card Schemes Supervision (RPSCS) Category 2 license, Instant Cash can build further trust with its partners to expand its services in the remittance space, Instant Cash said in a statement on Thursday. , and expand locally, regionally and globally (May 25) Press release.

Instant Cash is a company financial technology portfolio Emirates Post Groupaccording to the release.

“This achievement is a major milestone in FINTX’s strategy to build a fintech ecosystem in the UAE and beyond,” Ahmed AwadiFINTX Managing Director and CEO and Chairman of Instant Cash said in a press release. “The CBUAE’s new regulations, rooted in the vision of providing an effective framework for fintech companies, present us with a unique opportunity that we want to seize.”

According to the press release, Instant Cash is already widely used in the region and has established partnerships with several financial institutions around the world.

With the new license, it will accelerate its global expansion, strengthen its remittance services for use within the UAE and cross-border applications, and launch new services globally, the press release said.

“The license will drive the company’s transformation into a true fintech company,” Al Awadi said in the release. “Our goal is to be a de facto partner for traditional and fintech companies, and to that end, FINTX and our shareholders are doubling down on the company.”

In another recent development in the remittance sector, Western Union and MFS Africa March Collaboration Allowed Mobile money transfer across Africa.

The partnership will enable Western Union customers in 200 countries to send money to more than 400 million mobile wallets in the MFS network.

A month ago, in February, Alipay and Purple Cooperative activation money transfer By bringing together Paysend’s integrated global payments ecosystem and Purpl’s remittance and cash payments platform to Lebanon.

The partnership will enable the transfer of remittances between 20 million Lebanese people and Lebanese communities around the world with low fixed fees, competitive exchange rates and instant international payments.

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