The Banking Executive Magazine - November 2024

Beyon Beyon Money SECURES NEW LICENSES FROM CENTRAL BANK OF UAE Beyon Money, part of the Beyon Group, has secured two new licenses from the Central Bank of UAE (CBUAE), marking a new milestone in its expansion strategy. The two li- censes, RPSCS (Retail Payment Serv- ices and Card Schemes) and SVF (Store Value Facilities) will enable Beyon Money to offer its UAE cus- tomers a wider range of financial so- lutions, including in demand services such as payment accounts and pay- ment 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-fo- cused financial services outside of the Kingdom of Bahrain, and these new licenses follow on from the Fi- nancial Services Permission (FSP) li- cense 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 li- censes, Beyon Money becomes the first Bahrain Fintech to receive li- censes from CBUAE and the only Fintech holding both CBUAE and ADGM/FSRA licenses in the UAE. With its customer-first approach, cus- tomers 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 inno- vative digital financial services to UAE customers and will soon launch its Prepaid Cards and its Personal Fi- nancial Management services en- abling customers to view all their expenses by categories. Customers will also have access to Beyon Money’s International cross border payments which enables interna- tional remittance from the Beyon Money app using debit cards, WPS (Wage Protection System) cards, or bank accounts. The service is avail- able to more than 190 countries, in- cluding the UK, North and South America, Africa, EU, Asia, and within the GCC. Furthermore, Beyon Money is cur- rently working to further expand the range of products and service in compliance with the UAE laws and regulation to be in line with those al- ready offered successfully in Bahrain. Beyon Digital Growth CEO Shaikh Mohamed bin Khalifa Al Khalifa stated, “Within Beyon Money, we have been sharply focused on ex- panding 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.” “Beyon Money is committed to inno- vation, digitalization, and customer- centric solutions; with this achievement we look forward to of- fering a wider array of financial serv- ices and aspire to contribute towards the ongoing digitalization of the fi- nancial services landscape in the re- gion.” Shaikh Mohamed added, “We appre- ciate the support of the Central Bank of UAE in granting the relevant li- censes to Beyon Money enabling us to enter the onshore UAE market.” ISSUE 190 NOVEMBER 2024 the BANKING EXECUTIVE 39