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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.

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.

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Publication:ITP.net
Date:Jul 12, 2016
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