Lebanese fintech Whish Money has secured financial services licenses in Canada, marking its first major regulatory approval outside the MENA region and signalling the start of a planned global expansion. The company is actively pursuing licenses in other key markets, including the United States, the United Kingdom, the European Union, and Australia.
This strategic move prioritises a direct, in-country licensing approach, establishing locally incorporated entities and operating fully within national regulatory frameworks. This strategy is designed to build a robust, regulated presence in key diaspora markets, enabling Whish Money to maintain complete control over the customer experience while ensuring maximum compliance, security, and transparency. The Canadian licenses provide a crucial regulated foundation for its North American operations.
Connecting diaspora communities
Headquartered in Beirut and regulated by Lebanon’s Central Bank , Whish Money gained local prominence by providing reliable digital financial services, including payroll, money transfers, and bill payments, during the country’s economic crisis. This user-centric model helped the company build a large user base of over 1.5 million.
Toufic Koussa, chairman of the board at Whish Money, positioned the move as a strategic connection of high-diaspora communities with reliable financial infrastructure. “Securing our Canadian license is a monumental step that validates our compliant, customer-focused model and sets the foundation for our international expansion,” Koussa said. “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 firm’s global expansion is complemented by established partnerships with major players like Visa, Mastercard, Ria, and Terrapay. These alliances strengthen the firm’s secure and compliant cross-border payment infrastructure. Ultimately, this strategy is part of Whish Money’s long-term goal to evolve from a regional payment provider into a comprehensive global financial ecosystem.
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