Riyadh – Exclusive Sharikat Mubasher: Sultan AlMahmoud, CEO of Instant Cash Global Money Transfer told Sharikat Mubasher that money transfers in countries of the Gulf area surpass $130 billion, according to official stats issued by different central banks.
In an exclusive interview, on the sidelines of Seamless Saudi Arabia 2024, AlMahmoud added that Instant Cash provides its local and global money transfer services for individuals, focusing only on the Gulf area markets.
The official pointed out that Instant Cash’s cloud platform covers over 90 states around the globe, providing a wide array of payment solutions including banking payments, cash payments, and e-wallets.
The platform also launched its cash-upon-delivery service recently in relatively remote areas.
Speaking about the conference, AlMahmoud stated that Instant Cash’s participation in Seamless Saudi Arabia 2024 aims to hold mutual discussions with both Saudi and global financial institutions, in addition to showcasing what the company has to provide of services for its clients and reviewing the latest innovations within the fintech arena.
On the other hand, AlMahmoud pointed out that there are 3 main factors that participated in the growth of fintechs in the region: the updated regulations by central banks, improving payment systems, and the development of several modern fintech solutions.
All these factors, he added, led to creating many opportunities for new players to penetrate the market, which contributes to enhancing the cashless economy concept in the region.
UAE's Instant Cash is one of the fastest-growing money transfer brands with over 150,000 agent locations across the globe. Through partnerships with banks, retail players, and other non-banking financial institutions, Instant Cash enables financial inclusion for millions of customers through different payout channels including cash pickup, bank transfers, mobile wallets, and door delivery.
Seamless Saudi Arabia 2024, a landmark event in the realm of digital commerce, fintech, and retail, was held in Riyadh from 22 to 24 October, gathering industry leaders, decision-makers, small and medium-sized enterprises (SMEs), startups, and government representatives from around the world.