Prepaid CASHU cards in KSA reveals its "business as usual".
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.
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.
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.
[c] 2016 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Jul 12, 2016|
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