Cash-U, a prepaid online payment gateway, launched its services in the fields of electronic payment in Singapore under the supervision of the Central Bank of Singapore and the Singapore Monetary Foundation (MAS).
This step comes within the framework of the UAE company’s attempt to strengthen its regional presence in South East Asia.
The regulatory framework of MAS and the Central Bank of Singapore has provided Cash-U with enough flexibility to work with authorities and local central banks in the region.
CEO of CashU Thaer Suleiman said that prepaid online payment is important for the development of e-commerce, especially since more than 70% of the population in the Middle East and North Africa do not have bank accounts.
Cash-U had enhanced its online payment platform through a set of procedures in accordance with the standards and requirements of the Central Bank of Singapore, especially with regard to electronic cards and accounts with a prepaid balance.
These procedures come in context of the global trend towards enhancing transparency and due diligence for account owners and business partners to achieve more security for transactions and to fight cyber-crime.
Cash-U was founded in 2002. It was purchased in December 2015 by the Dubai-based leading investment firm Genero Capital.