CASHU participates in Asia Cooperation Dialogue Summit in Bangkok held under the theme of Innovative Financial Connectivity for a Sustainable Asia
CASHU, one of the leading players in the online payment industry in the Middle East and North Africa (MENA), has brought its vision of a cashless society to the Asia Cooperation Dialogue Summit in Bangkok as part of an effort to increase its visibility in Asia’s financial sector. CASHU moved its regulated business to Singapore earlier this year and is now regulated under The Monetary Authority of Singapore (MAS).
“CASHU has built a market-leading business by creating payment services for the Middle East and North Africa, where 70 percent of the population remains ‘unbanked’,” said CASHU CEO Thaer M. Suleiman. “We’ve been able to play a pivotal role in opening up MENA’s e-commerce market for regional and global players, including e-commerce merchants from across Asia. Meanwhile, our move to put CASHU’s central wallet under MAS significantly strengthens our compliance foundation, ideally positioning CASHU as a partner for Asian merchants.”
“Our participation in the ACD Summit, provides an ideal opportunity to network with Asian financial institutions, continue to build our profile in Asia and to position CASHU as a partner for Asian e-commerce merchants,” said Suleiman. “In particular, we have seen Asian online gaming services do especially well in the MENA region and one of CASHU’s largest customer segments is Arab youth, which can help open up that youth market for Asian merchants.”
Asia Cooperation Dialogue (ACD) was initiated by Thailand in 2002 with the aim to connect business leaders and policy-makers from Asia’s financial community. The ACD now has 34 members from all sub-regions in Asia.
Suleiman participated in the "Driving Asian Economies with FinTech" panel session of the Asia Cooperation Dialogue Summit.
"The world has seen the emergence of more than 12,000 start-ups and massive global investment of $19B in 2015 in the FinTech space with $9B revenue, which is estimated to grow $100B by 2020," said Suleiman. "Benefits of FinTech are transparency, cashless society and creates a new breed of entrepreneur. Blockchain can provide a wide array of reliable services to the public at a low cost with full transparency and trust. Some type of jobs will be replaced with technological advancement in finance, while it also creates new fin-tech related jobs." He added.
"Growth and market success of any FinTech hub originates from an integrated ecosystem that brings with it the expertise, experience, technology and facilities of all the entities together: entrepreneurial and innovative mindset towards globalization, Government programs and incentives for start-ups with favorable policies, technology skills and infrastructure, regulatory support and a supportive legislative framework to encourage start-up establishment; and finally funding availability of venture capitalists and other investors interested in investing in risky start-up firms." Suleiman explained.
CASHU has invested heavily in its financial systems to provide customers with the framework and services they need for due diligence, fraud prevention and regulatory compliance. The company’s recent migration of its regulated business to MAS, has prepared it to work more effectively with local regulators across different territories, whilst being able to better respond to changes in regulations and global standards.
The company is working with several central banks in the Middle East and North Africa in order to continue to localize its suite of services and promote more effective regulation of electronic payments across the region.