UAE fintech Mamo receives regulatory approval in DIFC

UAE fintech Mamo receives regulatory approval in DIFC

The licence allows Mamo to further expand its products and services without user restrictions and provide unmatched security while fully complying with DFSA rules

Published: Mon 10 Oct 2022, 4:47 PM

Mamo, a homegrown UAE-based fintech and financial services platform for SMEs, has been granted regulatory approval to operate from Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region.

The licence has been granted by the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC, to carry out the regulated activity of providing money services. The licence allows Mamo to further expand its products and services without user restrictions and provide unmatched security while fully complying with DFSA rules.

As the global future of finance and innovation hub, DIFC offers one of the region’s most comprehensive fintech and venture capital environments, which includes cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. The centre continues to attract companies to establish operations in Dubai by providing the ideal environment to help them shape the future of finance.

Mamo received DFSA authorisation to operate within the Innovation Testing Licence (ITL) programme in June 2021, which