Beyon Money, part of the leading Bahrain-based technology group Beyon, has secured two new licenses from the Central Bank of UAE (CBUAE), thus marking a new milestone in its expansion strategy. 

 

The two licenses, RPSCS (Retail Payment Services and Card Schemes) and SVF (Store Value Facilities) will enable Beyon Money to offer its UAE customers a wider range of financial solutions, including in demand services such as payment accounts and payment instruments issuance services, as well as domestic and cross-border transfers, and more.

 

In line with Beyon Money’s regional expansion plans, the company has taken its innovative customer-focused financial services outside of the Kingdom of Bahrain, and these new licenses follow on from the Financial Services Permission (FSP) licence awarded by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in December 2023. 

 

With the addition of the newly awarded licenses, Beyon Money becomes the first Bahrain Fintech to receive licenses from CBUAE and the only Fintech holding both CBUAE and ADGM/FSRA licenses in the UAE, said a statement from the Bahrain group.

 

With its customer-first approach, customers can be digitally onboarded in minutes in the Beyon Money App and immediately access the range of available services seamlessly.

 

Beyon Money will deliver a range of innovative digital financial services to UAE customers and will soon launch its Prepaid Cards and its Personal Financial Management services enabling customers to view all their expenses by categories, it stated.  

 

Customers will also have access to Beyon Money’s International cross border payments which enables international remittance from the Beyon Money app using debit cards, WPS (Wage Protection System) cards, or bank accounts. 

 

The service is available to more than 190 countries, including the UK, North and South America, Africa, EU, Asia, and within the GCC.

 

Beyon Digital Growth CEO Shaikh Mohamed bin Khalifa Al Khalifa said: "Within Beyon Money, we have been sharply focused on expanding regionally and are thrilled to receive the licences from CBUAE. This is a major step forward for Beyon Money and a key milestone in our strategic plans."

 

"Beyon Money is committed to innovation, digitalization, and customer-centric solutions; with this achievement we look forward to offering a wider array of financial services and aspire to contribute towards the ongoing digitalization of the financial services landscape in the region," he added.

 

According to him, Beyon Money is currently working to further expand the range of products and service in compliance with the UAE laws and regulation to be in line with those already offered successfully in Bahrain.

 

"We appreciate the support of the Central Bank of UAE in granting the relevant licenses to Beyon Money enabling us to enter the onshore UAE market," added Shaikh Mohamed.-TradeArabia News Service