The move, which follows a recent management buyout and review of its financial operations, has been made in response to the changing due diligence requirements of CASHU customers, a global shift towards greater online payment regulation and user demand for a safer online ecommerce environment.
The MAS regulatory framework also provides CASHU with the flexibility to work with local regulators across different territories. “With more than 70% of MENA’s population ‘unbanked’, prepaid services are vital for ecommerce and our ambition is to see the region’s prepaid business fully regulated which will increase the size of this market tremendously,” said CASHU CEO Thaer Suleiman.
“Our move to put our central wallet under MAS strengthens our compliance foundation, positioning CASHU to respond to changes in regulations and global standards. We are currently working with several central banks in the MENA region towards more effective industry regulation.”
CASHU has introduced a variety of operational improvements to its payment platform in accordance with MAS’s requirements for Stored Value Facility (SVF). These changes fall in line with global demands to enhance due diligence on wallet account holders and business partners to ensure compliance with new regulations and combat cybercrime.
The KYC process, an abbreviation for ‘Know Your Customer’, is not new in the financial services industry, but the measures are not common place for e-payment platforms in MENA. Established in 2002, CASHU was jointly acquired by the company’s senior management and Dubai-based investment firm Genero Capital LLC in December 2015.
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