FinTech company Mamo secured a licence to operate from the Dubai International Financial Centre, a move that would allow the start-up to test its products under conditions defined by the free zone's regulator.
The innovation testing licence was granted to Mamo by the DIFC’s regulator, the Dubai Financial Services Authority, the company said on Tuesday.
“We are empowering users, through our Mamo Pay app, with a simpler, faster, friendlier way to send and receive money instantly,” said Mohammed El Saadi, chief executive and co-founder of Mamo.
"Our ambition is to add value, strengthen the financial ecosystem and accelerate the future of finance in the UAE and beyond."
Last month, Mamo raised $8 million in a funding round led by UAE-based venture capital firm Global Ventures to boost its digital payment services and expand its operations in the Emirates and Saudi Arabia.
The start-up's other backers include New York venture capital firm 4DX Ventures, Saudi Arabia's AlRajhi Partners, Boston's Olive Tree Capital and investors from Silicon Valley.
"We are delighted to welcome Mamo to our community, which is now the largest cluster of finance, FinTech and innovation companies in the region and provides Mamo with the ecosystem to achieve their growth ambitions," said Salmaan Jaffery, chief business development officer at the DIFC Authority.
FinTech companies such as Mamo have benefitted from a coronavirus-fuelled surge in digital payments as fear of contagion led users to shun cash.
About $135m was invested in Mena's FinTechs last year – the highest amount since 2017, according to Magnitt.
The peer-to-peer payments space in the Middle East is expected to grow to $115 billion by 2023, from $22bn in 2019, according to Mamo.
Mamo said there are 1.7 million unbanked people in the UAE, which is 32 per cent of the total working population.
"Mamo will address this segment and provide access to the broader financial system in line with a vision for financial inclusivity and independence," the company said.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
EXPATS
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Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
UAE currency: the story behind the money in your pockets
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More from Rashmee Roshan Lall
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
