UAE, 25 May 2023 – Instant Cash, a company within the FINTX portfolio, the fintech arm of Emirates Post Group, and one of the fastest-growing money transfer brands in the region, received the Retail Payment Services and Card Scheme Regulation (RPSCS) Category 2 License from the Central Bank of the UAE (CBUAE), making it the first Money Transfer Operator (MTO) in the UAE to obtain this licence.
By achieving this milestone, Instant Cash is poised to accomplish its ambitious expansion strategy, as this licence paves way for local, regional and global expansion, further enabling the company to broaden its scope of services within the money transfer sector. Obtaining the RPSCS licence strengthens Instant Cash’s market position by further building trust with partners, based on a strong regulatory framework.
Ahmed Al Awadi, Managing Director and CEO of FINTX and Chairman of Instant Cash, said: “We are honoured to be granted the RPSCS licence by the CBUAE, making Instant Cash the first MTO in the UAE to achieve this feat. This achievement is a significant milestone for FINTX’s strategy of building a fintech ecosystem in the UAE and beyond. The CBUAE’s new regulations, rooted in a vision of providing an effective framework for fintech companies, have provided us with a unique opportunity which we wanted to seize. This licence will fuel the company’s transformation into a true fintech. Our goal is to become the de-facto partner of both traditional and fintech players and in line with this, FINTX and our shareholders are doubling down on their investment in the company.”
Instant Cash is already a household name in the region and a respected partner for many financial institutions globally. The company achieved significant growth over the past few years and the new licence will be the enabler for stronger growth through accelerated global expansion.
The company will now be able to actively enhance its domestic (UAE) and cross-border money transfer services, which are part of its existing business model, as well as launch a variety of new services for its customers globally.
The global expansion will see Instant Cash consolidating its presence in existing corridors, especially in Asia (Bangladesh, India, Pakistan and many more), and further develop existing and additional corridors in key growth markets such as Africa (both Sub-Saharan Africa and North Africa) and Europe.
Acquiring this licence also marks a new step in Instant Cash’s tech transformation strategy. The company will soon introduce its new open API platform enabling much faster integration with partners, and a new web platform is being built targeted at small to medium-sized partners throughout the world which will allow them to provide more efficient money transfer services to their customers.