Mamo, a 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 centre in the Middle East, Africa and South Asia (MEASA) region.
The license to undertake the regulated activity of offering money services has been awarded by the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC.
The licence allows Mamo to further expand its products and services without user restrictions and provide unmatched security while fully complying with DFSA rules.
DIFC provides the most comprehensive FinTech and venture capital environments, which includes cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups in the MEA region.
The Centre continues to entice businesses to set up shop in Dubai by offering the perfect setting for them to influence the direction of finance.
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.”
The company received DFSA authorisation to operate within the Innovation Testing Licence (ITL) programme in June 2021, which enabled it to operate in a controlled regulatory environment to test its business model. After working successfully, it exited the ITL programme and got its Authorised Firm status.
All regulated enterprises are required to adhere to the framework’s requirements for efficiency, justice, and transparency. Additionally, it strives to safeguard clients of financial (and other) services provided by licenced enterprises like Mamo.
Mamo is known for being radically customer-centric, where its product development times are very fast and announces new multiple products in weeks which is a different approach from regional startups.
Currently, Mamo has two products; the rapidly growing Mamo Pay for Business product which 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 in-house developed technologies, which reduce human error and safeguard against fraud. These systems include cryptographic security protocols, fraud detection and prevention engine, and a standardised and automated financial transaction management system.
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 in the 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.”
