CASHU reveal it's “business as usual” in Saudi Arabia
Update: CASHU releases a statement claiming that the Saudi Arabian Monetary Agency has not banned prepaid cards
Yesterday, claims emerged that the Saudi Arabian Monetary Agency (SAMA) had advised the Ministry of Commerce and Investment to ban prepaid CASHU cards in Saudi Arabia, however CASHU has since released a statement revealing this is not true.
CASHU announced its intention to further expand in the Kingdom of Saudi Arabia, as-well-as introduce new products via strategic partnerships with local financial entities within the next two months.
Thaer Suleiman, CEO at CASHU, said: "CASHU is collaborating with the Saudi Arabian Monetary Agency to provide the highest international security standards for e-payment for the Saudi consumer.
"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.
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. The company also deploys Wynyard Group systems, a firm which aims to combat financial crimes, by monitoring suspicious transactions and cross check them against names in global lists.
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.
Suleiman mentioned that the company is working with several central banks across the region to further cement the foundations of the e-payment sector.
CASHU recently launched the first prepaid electronic card in the UAE in partnership with MasterCard and Noor Bank as part of a strategy to launch similar services in several other Arab markets.