Instant Cash, a FINTX company, obtains Retail Payment Services and Card Scheme Regulation License from CBUAE

Instant Cash, a FINTX company, obtains Retail Payment Services and Card Scheme Regulation License from CBUAE

United arab Emirates – 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,