The Saudi Arabian Monetary Agency (SAMA) has banned the sale of CASHU cards in Saudi Arabia but CASHU released a statement showing this is not true.
CASHU aims to expand its business and introduce new products in the kingdom of Saudi Arabia 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.
For further online shopper protection, the CASHU cards should be used within the same geographical region of their issuance so that it may not be 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 framework applying a few 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.
To further cement the foundations of the e-payment sector, the company is collaborating with several central banks around the region, Suleiman mentioned.
CASHU recently introduced 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.