Money Transfer Firm Instant Cash Receives License From UAE Central Bank

Instant Cash has received a license from the Central Bank of the United Arab Emirates (CBUAE).

With this Retail Payment Services and Card Scheme Regulation (RPSCS) Category 2 License, Instant Cash can build further trust with partners, broaden its scope of services within the money transfer sector, and expand locally, regionally and globally, Instant Cash said in a Thursday (May 25) press release .

Instant Cash is a company within the FINTX portfolio of the Emirates Post Group , according to the release.

“This achievement is a significant milestone for FINTX’s strategy of building a FinTech ecosystem in the UAE and beyond,” Ahmed Al Awadi , managing director and CEO of FINTX and chairman of Instant Cash, said in the release. “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.”

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

With the new license, it will speed up its global expansion, enhance its money transfer services for both domestic use within the UAE and cross-border applications, and launch new services around the world, the release said.

“This license will fuel the company’s transformation into a true FinTech,” Al Awadi said in the release. “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.”

In another recent development in the money transfer sector, Western Union and MFS Africa partnered in March to allow mobile money transfers across Africa.

The partnership will allow Western Union users in 200 countries to send funds to the more than 400 million mobile wallets in the MFS network.

A month earlier, in February, Paysend and Purpl partnered to enable money transfers to Lebanon by bringing together Paysend’s integrated global payments ecosystem and Purpl’s remittance and cash out platform.

The collaboration will enable low fixed fees on money transfers, competitive exchange rates and instant international payments between the 20 million Lebanese people around the world and communities in Lebanon.