Money Protects gets DFSA approval and DIFC licence

Money Protects gets DFSA approval and DIFC licence

Mirza Ashraf Beg, Founder & CEO at Money Protects

Image Credit: Supplied

In a significant development for the financial sector, Money Protects Capital Limited has achieved a crucial milestone by securing approval from the Dubai Financial Services Authority (DFSA) and receiving a Category 3C license from the Dubai International Financial Centre (DIFC). This accomplishment is a testament to Money Protects' commitment to integrating financial innovation and technology, fostering sustainability, and building long-term confidence within the financial ecosystem.

As an upcoming unicorn leader in the evolving landscape of open banking and financial technology, Money Protects is making strides in the Dh20 billion untapped Mortgage Non-Performing Loan (NPL) market and an auxiliary Dh10/20 billion market. The company's innovative approach is encapsulated in its 3-pronged composite innovation pack, designed to redefine traditional financial methodologies.

The innovation pack consists of three groundbreaking products:

• EMI Sleeping Period: A novel Mortgage Loan Restructuring solution that provides an extended EMI-free period, (11months to 5 years) alleviating financial stress for consumers.

• Fixed EMI for Life: This concept aims to stabilize the loan's interest/profit rate, filling a void often overlooked under threshold consumers (below Dh50 Million) by conventional financial institutions.

• Double Rental: An Equity Release concept that enables consumers to