UAE-based FinTech and financial services platform for SMEs, Mamo announced that it has been granted regulatory approval to operate from DIFC, and also the license has been granted by the Dubai Financial Services Authority (DFSA) to carry out the regulated activity of providing money services.
Mamo has two products; the rapidly growing Mamo Pay for Business product that has seen exponential uptake in recent months from SMEs 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 internally built systems, including cryptographic security protocols, a fraud detection and prevention engine, and a standardised and automated financial transaction management system, minimising human errors and protecting against fraud. On the front end, Mamo has implemented digital Know Your Customer (KYC) that allows users to identify themselves quickly through a user experience that puts the user in control of their personal and private information.
Imad Gharazeddine, CEO and Co-Founder of Mamo, said “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 inthe DFSA is testament to the quality of our product, providing Mamo and its users 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.”
Arif Amiri, CEO of 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 pleased that Mamo, one of our FinTech clients, has been granted approval from the DFSA to operate as an authorised money services firm in the Centre. DIFC will continue to help Mamo and other FinTech firms grow by harnessing opportunities in the region.”
