Beyon Money, part of Bahrain technology business Beyon Group, has secured two new licenses from the Central Bank of UAE (CBUAE). The two licenses are RPSCS (Retail Payment Services and Card Schemes) and SVF (Store Value Facilities).

Described as “the all-in-one financial app designed to simplify your financial journey”, Beyon Money says the new licenses will help it to offer its UAE customers a wider range of financial solutions, including in-demand services such as payment accounts and payment instruments issuance services, as well as domestic and cross-border transfers and more.

These new licenses follow on from the Financial Services Permission (FSP) license awarded by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in December 2023. With the addition of the newly awarded licenses, Beyon Money says it becomes the first Bahrain fintech to receive licenses from CBUAE and the only fintech holding both CBUAE and ADGM/FSRA licenses in the UAE.

Customers can be digitally onboarded in minutes in the Beyon Money App and immediately access the range of available services seamlessly. Beyon Money says it will deliver a range of innovative digital financial services to UAE customers and will soon launch its prepaid cards and its personal financial management services, enabling customers to view all their expenses by categories. 

Customers will also have access to Beyon Money’s international cross-border payments which enable international remittance from the Beyon Money app using debit cards, WPS (wage protection system) cards, or bank accounts. The service is available to more than 190 countries

Furthermore, Beyon Money is currently working to further expand the range of products and service in compliance with the UAE laws and regulation to be in line with those already offered successfully in Bahrain.

Beyon Digital Growth CEO Shaikh Mohamed bin Khalifa Al Khalifa says: “Within Beyon Money, we have been sharply focused on expanding regionally and are thrilled to receive the licenses from CBUAE. This is a major step forward for Beyon Money and a key milestone in our strategic plans.”