Instant Cash becomes the first to get the RPSCS Category 2 License

Instant Cash, a global money transfer company, has received the RPSCS Category 2 license from the central bank of UAE (CBUAE). It has become the first money transfer operator within the UAE to get this license. In addition to speeding up its global expansion, it will help advance its money transfer services within the UAE as well as across the world.

Instant Cash RPSCS License

As highlighted in the press release, Instant Cash is part of the Emirates Post Group’s FINTX portfolio. The RPSCS (Retail Payment Services and Card Scheme Regulation) Category 2 License will help strengthen the partners’ trust in the company. Besides, the firm seeks to expand the scope of its services within the local, regional, and global money transfer sectors.

With regard to the released license, Instant Cash’s chairman and CEO of FINTX, Ahed Al Awadi noted, “This achievement is a significant milestone for FINTX’s strategy of building a FinTech ecosystem in the UAE and beyond. The CBUAE’s new regulations, rooted in a vision of providing an effective framework for FinTech companies, have provided us with a unique opportunity which we wanted to seize”.

Currently, Instant Cash is widely used in UAE. Besides, it has partnerships with various financial institutions across the globe. With the newly acquired license, the firm has an opportunity to launch additional services at a global level. This also includes advancing its money transfer services within the UAE and internationally.

In the press release, Awadi further indicated that the license will further aid the firm’s transformation into a “true FinTech”. He stated that Instant Cash’s “goal is to become the de-facto partner of both traditional and FinTech players and in line with this, FINTX and our shareholders are doubling down on their investment in the company”.