bankingciooutlook

CASHU: The First FinTech in MENA Aiming for a Cashless Society

Follow CASHU on :

Thaer M. Suleiman, CEO, CASHUThaer M. Suleiman, CEO
Back in 2002, when the developed world was making significant strides in e-commerce, the Middle East and North Africa (MENA) region remained far behind in adopting this new form of commerce. That was because 86 percent of adults had no access to financial institutions, and those who had credit cards were bleeding with rampant fraudulent transactions.

Being aware of these concerns, CASHU stepped up to the challenge to make it easy for anyone to make secured payments online, and was the first alternative online payment method in MENA. It continued to grow and target individuals without bank accounts and credit cards in the MENA region, as well as global online store owners who wanted to deliver and sell their products in this raw region of the world.

In 2016, CASHU encountered a major milestone toward regulating its core business, migrating it to Singapore and getting approved to operate as Stored Value Facility by the Monetary Authority of Singapore (MAS).

In the same year, CASHU started partnering with reputable banks and financial institutions in the region, like Mastercard and Noor Bank in the United Arab Emirates, to issue the first prepaid virtual card in the region approved by the Central Bank of UAE, which gave CASHU a legal approval to operate in the United Arab Emirates as a FinTech company.

Few months later, Bank Albilad in Saudi Arabia entered into a strategic partnership with CASHU to develop innovative payment products and services in the Kingdom, after which CASHU completed the compliance requirements of the Saudi Arabian Monetary Authority (SAMA) and received its approval to operate in Saudi Arabia.

CASHU is driven by its vision to lead this dynamic, young and exponentially growing region toward a cashless lifestyle and financial inclusion

CASHU also obtained necessary licenses and permits in several countries as a payment service provider and technology provider, and is still in contact with many central banks and regulators in the region to continue its mission in a dynamic and responsive manner to each market, taking into account the continued development of existing services and launching new services that achieve the vision of CASHU of a cashless society.

At the core of CASHU’s value proposition is its unique e-wallet platform that provides a bouquet of low-cost and smooth services, which include online shopping through both the e-wallet itself and the prepaid virtual Mastercard, bill payments, money transfer, remittance and more. CASHU has emerged as the only player to cover all countries in the MENA region.

With such high values to offer, CASHU has succeeded in achieving a business growth of 480 percent year over year. The company’s services have proved to be very beneficial, specifically to the MENA region where societies suffer from the lack of convenient and easy payment and financial solutions.

Today, CASHU is considered the largest FinTech company in the MENA region, serving around 3 million consumers with accessible online payment services that are protected by robust and sophisticated anti-money laundering systems. As for the future, CASHU is advancing to march ahead on its mission of “ultimate mobilization,” providing secure and innovative payment solutions that simplify lives.

Share this Article:
CASHU

Company
CASHU

Headquarters
Dubai, UAE

Management
Thaer M. Suleiman, CEO

Description
CASHU made it easy for anyone to make secured payments online, and was the first alternative online payment method in the Middle East and North Africa (MENA) region. It continued to grow and target individuals without bank accounts and credit cards in the MENA region, as well as global online store owners who wanted to deliver and sell their products in this raw region of the world. At the core of CASHU’s value proposition is its unique e-wallet platform that provides a bouquet of low-cost and smooth services, which include online shopping through both the e-wallet itself and the prepaid virtual Mastercard, bill payments, money transfer, remittance and more