Mamo, a homegrown UAE-based FinTech and financial services platform for SMEs, has been granted regulatory approval to operate from Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region. The license has been granted by the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from 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 fully complying with DFSA rules.

As the future global hub of finance and innovation, DIFC offers one of the most comprehensive FinTech and venture capital environments in the region, including cost-effective licensing solutions, regulation responsive, accelerated development programs and funding for the start of growth. – UPS. The Center continues to inspire Dubai-based businesses by providing the ideal environment to help them shape their financial future.

Mamo received DFSA approval to operate under the Innovation Test Licensing (ITL) Program in June 2021, allowing the company to operate in a controlled regulatory environment for model testing. it’s business. What makes this announcement important is Mamo’s diligent work in successfully exiting the ITL program and obtaining Authorized Company status. The regulation provides the required frameworks for transparency, fairness and efficiency, which all regulated companies must follow. It also aims to protect businesses, consumers and users of financial services (and other services) offered by regulated companies, such as Mamo.

Mamo has built a reputation for being completely customer-centric, with incredibly fast product development times – often rolling out and announcing many new features within weeks – a fresh approach from a regional startup. Currently, Mamo has two products; Mamo Pay for the Business product is growing rapidly, has been adopted exponentially by SMBs in recent months and is expected to grow further with official regulatory green light and Mamo Pay, a peer-to-peer (P2P) wallet for consumers.

“We’ve 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 inflection point in our growth trajectory. Receiving full regulatory approval in DIFC allows us to 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 the recognition by a leading regulator in the DFSA is a testament to the quality of our product, providing Mamo and its user’s security, safety, and peace of mind by licensing us. We are making sure we set a new example for compliance and regulation and are incredibly grateful to the DFSA for their support and guidance through the process.”

                                                            Imad Gharazeddine, CEO and Co-Founder of Mamo.

Mamo has its own in-house built systems, including cryptographic security protocols, fraud detection and prevention tools, as well as a standardized and automated financial transaction management system. digitization, reduce human error and protect against fraud. On the interface front, Mamo has implemented Know Your Customer (KYC) digital that allows users to quickly identify themselves through a user experience that puts users in control of their personal and private information.

“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 pleased that Mamo, one of our FinTech clients, has been granted approval from the DFSA to operate as an authorized money services firm in the Centre. DIFC will continue to help Mamo and other FinTech firms grow by harnessing opportunities in the region.”

                                                                                  Arif Amiri, CEO of DIFC Authority.