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.
In June 2021, Mamo acquired DFSA approval to operate under the Innovation Testing License (ITL) program, allowing it to test its business model in a controlled regulatory environment. The regulation provides frameworks requiring transparency, fairness, and efficiency, that all regulated firms must follow. It also aims to protect businesses, consumers and users of financial, and other services offered by regulated companies, such as Mamo.
“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. This 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 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.”
Mamo has built a reputation for being radically customer-centric, with incredibly fast product development times, often launching and announcing multiple new features in a matter of weeks, a refreshing approach from a regional start-up. Presently, 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.
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