3S Money Launches In The Middle East From DIFC With The Mission To Boost International Trade #Dubai - Dubai City Guide
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3S Money Launches In The Middle East From DIFC With The Mission To Boost International Trade
(3 October 2022)

 

3S Money, an international payments platform revolutionising cross-border business, has obtained a licence from Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC, to provide money services from Dubai International Financial Centre (DIFC), the leading global financial centrein the Middle East, Africa and South Asia (MEASA) region. The FinTech scale-upprovides tailored international business accounts to companies of all sizes and structures, enabling seamless and high-value transactionsto support global expansion.

TheInternational Monetary Fund (IMF)projectsthat the UAE economy will grow by 4.2 per cent this year, higher than the previous forecast of 3.5 percent. To benefit from this momentum, medium-sized businesses require access to flexible and frictionless cross-border payments and FX solutions.With this licence, 3S Moneywill provide UAE-based businesses access to more than 190countries through one digitalglobal business account, enabling fast and reliable payments in more than forty currencies. This will also streamline international payments that are vital for a cross-border economy, allowing UAE-based businesses to scale beyond borders at pace.

The Dubai office will be led by Middle East CEO, EvangelosKaldelis, who bringsmore than 12 years of senior level banking experienceof JP Morgan and Standard Chartered. Commenting on the new licence, Kaldelis said: "The UAE’s business-friendly environment, strategic location as a global trading hub, world-class infrastructure and favorable government policies in promoting trade and investment offer fertile ground for growth of companies doing business here. 3S Money opens international trade to these ambitious businesses that are underserved by the existing financial services providers with tailored business accounts to enable seamless and high-value transactions to support their expansion.”

SalmaanJaffery, Chief Business Development Officer at DIFCadded: “We would like to congratulate the 3S Money team on being granted amoney services licence by DFSA. DIFC’s money services regimeis the most comprehensive in the region and enables firms,such as 3S Money to add value to its clients by deploying innovative payments solutions. The regime is attracting new clients to the Centre and together, they will help us drive the future of finance.”

Launched in 2018, 3S Money recorded a growth of 260 per cent year-on-year in 2021 and has become an international payment service of choice for thousands of shareholders and directors, having processed USD 1 billion in client payments worldwide last year. 3S Money continues to invest in its expansionacross key regionsglobally by attracting world-class talent in the UK, Latvia, Luxembourg and now Dubai, further building out its compliance, product and business development teams, while also planning on investing in R&D in the region. 

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