Instant Cash gets RPSCS licence from UAE Central Bank

Instant Cash gets RPSCS licence from UAE Central Bank

Instant Cash, a company within the FINTX portfolio, the fintech arm of Emirates Post Group, has received the Retail Payment Services and Card Scheme Regulation (RPSCS) Category 2 License from the Central Bank of the UAE (CBUAE). This makes 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.

Key milestone

Ahmed Al Awadi, Managing Director and CEO of FINTX and Chairman of Instant Cash, said: “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