With its first significant regulatory approval outside of the MENA region, Lebanese fintech Whish Money has obtained financial services licenses in Canada, marking the beginning of a planned global expansion.
The business stated that it is also looking for licenses in other important markets, such as Australia, the United States, the United Kingdom, and the European Union.
With this move, Whish Money joins an increasing number of MENA-based tech firms seeking expansion outside their native area, frequently focusing on Western markets with sizable diaspora populations.
This approach is similar to other regional fintechs’ attempts to use contemporary payment infrastructure to gain a piece of the multibillion-dollar global remittance market.
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Component of Whish Money’s global strategy
The Canadian licenses constitute a significant component of Whish Money’s worldwide strategy, which prioritises pursuing direct, in-country licensing. By establishing locally incorporated entities, the business can fully comply with national regulatory frameworks.
The business claims that this strategy enables it to keep total control over the client experience while guaranteeing security, compliance, and openness in every new market.
“Securing our Canadian license is a monumental step that validates our compliant, customer-focused model and sets the foundation for our international expansion,” said Toufic Koussa, chairman of the board at Whish Money.
“This move is about more than just entering a new market; it’s about strategically connecting high-diaspora communities with reliable financial infrastructure, beginning with North America. We are committed to building a regulated, transparent global ecosystem that truly serves our users.”
The Rise of Whish Money
Whish Money, which has its headquarters in Beirut and is governed by the Central Bank of Lebanon, rose to prominence in the area by offering crucial digital financial services during the severe economic crisis and disruptions to the banking industry. By providing dependable alternatives for payroll, money transfers, and bill payments when traditional channels were limited, the company amassed a sizable user base of over 1.5 million.
Whish Money’s established alliances with significant international players like Visa, Mastercard, Ria, and Terrapay support this expansion. These partnerships improve users’ access to finance by enabling the company’s safe and legal cross-border payment infrastructure.
Ultimately, this tactic fits into Whish Money’s long-term objective of developing into a full-fledged financial platform rather than just a local payment provider. The company wants to create a financial ecosystem that unites communities worldwide by establishing a regulated presence in markets like Canada.