Beyon Money has secured two new licenses from the Central Bank of UAE (CBUAE) as part of its regional expansion strategy.
The two licenses, Retail Payment Services and Card Schemes and Store Value Facilities, will enable Beyon Money to offer its customers in the UAE a wider range of financial solutions, including payment accounts and domestic and cross-border transfers.
The company has taken its innovative customer-focused financial services outside of Bahrain, and the new licenses follow the Financial Services Permission license awarded by the Financial Services Regulatory Authority in the Abu Dhabi Global Market last December.
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.
“Within Beyon Money, we have been sharply focused on expanding regionally and are thrilled to receive the licenses from CBUAE. This is a major step forward for Beyon Money and a key milestone in our strategic plans,” said Shaikh Mohamed bin Khalifa Al Khalifa,” CEO of Beyon Digital Growth.
“Beyon Money is committed to innovation, digitalisation, 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 digitalisation of the financial services landscape in the region.”
Beyon Money will deliver a range of innovative digital financial services to UAE customers. It will soon launch its Prepaid Cards and its Personal Financial Management services, enabling customers to view all their expenses by category.
Customers will also have access to Beyon Money’s International cross-border payments, which enable 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.
Furthermore, Beyon Money is currently working on expanding the range of products and services further in compliance with UAE laws and regulations to be in line with those already offered successfully in Bahrain.
