Manama, Bahrain: Beyon Money, part of the Beyon Group, has been awarded a Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The licence will enable Beyon Money to offer its range of Money Services and Third Party Services solutions to clients of financial institutions and FinTech’s.
Beyon Money CEO Roberto Mancone commented, “We would like to thank his excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, and the Financial Services Regulatory Authority for the granting of the Financial Services Permission. Beyon Money’s adherence to ethical and transparent financial practices in accordance with the regulatory requirements of the FSRA, will give ourcustomers confidence when using our services.”
”Having a Money Services and a Third Party Services licence in place enables us to develop our strategy for regional expansion with the aim of launching in the UAE market by the end of 2023. We look forward to rolling out the Beyon Money suite of services, starting with Digital International Transfers and Personal Financial Management while working together with UAE Regulators to further expand our range of products and services, similar to those already offered successfully in Bahrain.”
Launched in Bahrain in January 2022, Beyon Money has achieved significant growth year over year in its home country in 2023, doubling its customer base and increasing volumes by 70% in cards, remittance and investment products.