Lebanese fintech firm Whish Money has successfully obtained financial services licenses in Canada, marking the company’s first regulatory approval outside the Middle East and North Africa region. This achievement is a pivotal step in its strategic plan to establish a significant global footprint by securing direct, in-country licencing.
A Strategic Leap into North America
By establishing a regulated presence in Canada, Whish Money is laying the groundwork for a financial ecosystem designed to connect communities worldwide, with a particular focus on diaspora populations. The company’s approach involves setting up locally incorporated entities in each new market, ensuring full compliance with local regulatory frameworks. This method allows Whish Money to deliver a tailored customer experience while upholding the highest standards of transparency, security, and regulatory adherence.
Targeting Key Western Markets
The Canadian approval is the first of several planned international moves for the Beirut-headquartered firm. Whish Money has publicly stated its intention to acquire similar licenses in other prominent markets, including Australia, the United Kingdom, the United States, and the European Union. This expansion strategy aligns with a growing trend among MENA-based technology companies seeking to tap into growth opportunities in Western countries and capture a share of the multi-billion dollar global remittance industry through modern payment solutions.
From Local Resilience to Global Ambition
Regulated by Lebanon’s Central Bank, Whish Money played a crucial role in providing essential digital financial services to the public amidst the country’s severe economic crisis and banking sector challenges. The company’s expansion efforts are reinforced by strategic alliances with global financial giants such as Visa, Terrapay, and Ria. More recently, a partnership with Mastercard to utilize its Move solutions enables Lebanese users to conduct financial transactions with over 50 countries, further solidifying Whish Money’s vision of transitioning from a regional payment provider to an expansive global financial platform.
About Whish Money
Founded in Lebanon, Whish Money is a financial technology company that provides a range of digital financial services, including payments and remittances. Having established itself as a key service provider during Lebanon’s economic difficulties, the company is now focused on expanding its services globally to create a financial ecosystem that connects communities across the world.
