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UAE fintech Mamo has received regulatory approval to operate from Dubai International Financial Centre (DIFC).
The Dubai Financial Services Authority (DFSA) licence allows the company to provide money serves and expand its products and services, the company said today.
Mamo previously received DFSA authorisation to operate within its Innovation Testing Licence (ITL) programme in June 2021.
The payment fintech offers Mamo Pay for Business which has been successful in recent months with the SME market according to the company, and Mamo Pay – a peer-to-peer payment option which allows users to send money to their phone contacts.
Imad Gharazeddine, CEO and Co-Founder of Mamo, said: “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.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
