3S Money launches in the Middle East from DIFC

By Leandra Monteiro

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 global financial centre in the Middle East, Africa and South Asia (MEASA) region.

The International Monetary Fund (IMF) projects that the UAE economy will grow by 4.2% this year, higher than the previous forecast of 3.5%. To benefit from this momentum, medium-sized businesses require access to flexible and frictionless cross-border payments and FX solutions. With this licence, 3S Money will provide UAE-based businesses access to more than 190 countries through one digital global 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, Evangelos Kaldelis, who brings more than 12 years of senior level banking experience of 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.”

Salmaan Jaffery, Chief Business Development Officer at DIFC added, “We would like to congratulate the 3S Money team on being granted a money services licence by DFSA. DIFC’s money services regime is 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.”