DUBAI/RIYADH – CASHU, one of the leading players in the online payment industry in the Middle East and North Africa (MENA), announced its intention to drive further expansion in Kingdom of Saudi Arabia and introducing new products via strategic partnerships with key local Saudi financial entities within the next two months.
Saudi Arabia is one of CASHU’s leading markets due to the brand’s vast market share and continuing growth of its operations. The Kingdom’s ecommerce industry growth continues, with online payment transactions increasing 40% in 2015 compared to the previous year.
“CASHU is collaborating with the Saudi Arabian Monetary Agency to provide the highest international security standards for e-payment for the Saudi consumer,” said CASHU CEO Thaer Suleiman. “SAMA has thankfully guided us to integrate and become compatible with the monetary system in the Kingdom abiding with the rules and regulations of the services which are mandatory for the agency. We strive to see all prepaid e-payment services governed under a unified monetary entity that takes care of customers and helps to drive the growth for this vital sector in Saudi and the region,” he added.
13 years of success in the Kingdom
“The company has been successfully operating in Saudi market since 2003 and has since become the preferred method of payment for online shoppers of both products and services within the Kingdom. CASHU cards enable the Saudi customer to shop electronically with the utmost security and ease through thousands of e-commerce sites across the globe. Concurrently, CASHU works as a catalyst for Saudi economic growth especially in the ecommerce sector. Security is the key word here when it comes to e-commerce, since CASHU’s vision aspires to a cashless society. Users usually prefer safe and secure options when it comes to online payment. CASHU presents a viable solution to the region’s low credit card penetration that stands at 30%,” said Suleiman.
CASHU recently launched the first prepaid electronic card in the UAE in partnership with MasterCard, the global payment network, and Noor Bank, a leading Sharia compliant bank in the UAE, as part of a strategy to launch similar services in several Arab markets soon.
Highest international customer protection
CASHU operates in accordance to the highest standards of central banks across the world. In the beginning of this year the company has introduced a variety of operational improvements to its payment platform in compliance with the Monetary Authority of Singapore (MAS), which is hailed as one of the strictest authorities governing e-payment around the world. Offering the highest security standards for both the online shoppers and ecommerce sites alike. Abiding with MAS rules and regulations provides CASHU the opportunity and flexibility to work with other central banks and monetary authorities in the region.
Suleiman affirmed that to further ensure online shopper protection CASHU’s policy mandates that the cards are used within the geographical jurisdiction of their issuance to insure that they are not used with any illegal practices. He mentioned that CASHU adheres to the highest preventive standards for actions that are against Arab Culture. The standard policy dictates that the company knows CASHU cards users details. The company also deploys Wynyard Group systems, a market leader in combating financial crimes, monitoring suspicious transactions and cross check them against names in global lists such as those of Dow Jones.
CASHU has further reinforced its online prepaid payment system applying several operational mandatories adhering to MAS regulations, as host for CASHU Stored Value Facility, also being an active member in the Financial Crimes Enforcement Network (FinCEN). These reinforcements come as part of a global directive to improve transparency and due diligence for e-payment account holders providing further security and acting as a platform for fighting financial crimes. The company has also reinforced “Know Your Customer” application, though not new for companies working in the e-payment business but still relatively new for the companies working in the MENA region.
Suleiman further said the company is working with several central banks across the region to further cement the foundations of the e-payment sector being the pioneering company with proven track record. He continued. “Registering the company in Singapore to work in accordance with MAS regulations puts emphasis on the company’s endeavors to elevate its working level to the international standard ensuring the best security and convenience while online shopping,” he noted. — SG
