UAE fintech Mamo receives regulatory approval in DIFC – News
The license allows Mamo to further expand its products and services without user restrictions and provide unmatched security while complying with DFSA regulations
Mamo, a homegrown UAE-based fintech and financial services platform for SMEs, has received regulatory approval to operate from the Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA).
The license is granted by the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC, to carry out the regulated activity of providing money services. The license allows Mamo to further expand its products and services without user restrictions and provide unmatched security while complying with DFSA rules.
As the global future of finance and innovation hub, DIFC offers one of the region’s most comprehensive fintech and venture capital environments, including cost-effective licensing solutions, tailored regulation, innovative accelerator programs and growth start-up funding. -oops. The center continues to attract companies to set up business in Dubai by providing the ideal environment to help them shape the future of finance.
Mamo received DFSA authorization to operate within the Innovation Testing License (ITL) program in June 2021, enabling the company to operate in a controlled regulatory environment to test its business model. What makes this announcement important is the diligent work of Mamo to complete the ITL program and receive the status of an authorized company.
The regulation provides frameworks that require transparency, fairness and efficiency, which all regulated companies must follow. It also aims to protect businesses, consumers and users of financial (and other) services offered by regulated companies, such as Mamo.
Mamo has built a reputation for being radically customer-centric, with incredibly fast product development times – often launching and announcing multiple new features within a few weeks – a refreshing approach from a regional startup.
Currently, Mamo has two products; the rapidly growing Mamo Pay for Business product which has seen an exponential uptake from SMEs in recent months and is predicted to grow further with the formal regulatory green light and Mamo Pay, a Peer-to-Peer (P2P) wallet for consumers.
Mamo has its own in-house built systems, including cryptographic security protocols, a fraud detection and prevention engine, and a standardized and automated financial transaction management system, which minimizes human error and protects against fraud. On the front, Mamo has implemented digital Know Your Customer (KYC) that allows users to identify themselves quickly through a user experience that gives the user control over their personal and private information.
Imad Gharazeddine, CEO and co-founder of Mamo, said: “We have built a financial services platform that enables both SMEs and consumers to move money faster, more efficiently and more securely in the UAE. Today marks a crucial milestone for our business and a major turning point in our growth trajectory. By receiving full regulatory approval in the DIFC, we can continue to expand our product stack, offering new features and functionality to our customers.”
“Today’s achievement marks the culmination of years of hard work and innovation, and to have recognition from a leading regulator in the DFSA is testament to the quality of our product, giving Mamo and its users the safety, security and peace of mind of licensing us. We for us to set a new example for compliance and regulation and are incredibly grateful to the DFSA for their support and guidance throughout the process.”
Arif Amiri, CEO of the DIFC Authority, said DIFC’s ongoing commitment to providing MEASA’s most enabling platform for fintech firms has involved working with the DFSA on the UAE’s first comprehensive money services regime.
“We are delighted that Mamo, one of our FinTech clients, has received approval from the DFSA to operate as an authorized money services firm in the centre. The DIFC will continue to help Mamo and other FinTech firms grow by capitalizing on opportunities in the region , ” he said.
