CASHU moves its regulated business to Singapore

CASHU, one of the leading players in the online payment industry in the Middle East and North Africacashu logo (MENA), has announced that it has successfully migrated its regulated business to Singapore and is now regulated under The Monetary Authority of Singapore (MAS). The move, which follows a recent management buyout and review of its financial operations, has been made in response to the changing due diligence requirements of CASHU customers, a global shift towards greater online payment regulation and user demand for a safer online e-commerce environment. The MAS regulatory framework also provides CASHU with the flexibility to work with local regulators across different territories.

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“With more than 70 percent of MENA’s population ‘unbanked’, prepaid services are vital for e-commerce and our ambition is to see the region’s prepaid business fully regulated which will increase the size of this market tremendously,” said CASHU CEO Thaer Suleiman.

CASHU has introduced a variety of operational improvements to its payment platform in accordance with MAS’s requirements for Stored Value Facility (SVF). These changes fall in line with global demands to enhance due diligence on wallet account holders and business partners to ensure compliance with new regulations and combat cybercrime. The KYC process, an abbreviation for ‘Know Your Customer’, is not new in the financial services industry, but the measures are not common place for e-payment platforms in MENA.


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