Instant Cash, a prominent money transfer brand and part of the FINTX portfolio under Emirates Post Group’s fintech arm, has been granted the Retail Payment Services and Card Scheme Regulation (RPSCS) Category 2 License by the Central Bank of the UAE (CBUAE). This achievement makes Instant Cash the first Money Transfer Operator (MTO) in the UAE to receive this license.
Obtaining the RPSCS Category 2 License is a significant milestone for Instant Cash as it aligns with the company’s ambitious expansion strategy. With this license, Instant Cash is poised to expand its services locally, regionally and globally, thereby strengthening its position within the money transfer sector. The license also enhances trust and confidence among partners through adherence to a robust regulatory framework.
Ahmed Al Awadi, the Managing Director and CEO of FINTX and Chairman of Instant Cash, expressed his appreciation for being granted the RPSCS license by the CBUAE. He emphasized that this accomplishment is a crucial step towards FINTX’s goal of establishing a fintech ecosystem in the UAE and beyond.