Abu Dhabi– The Abu Dhabi Global Markets Financial Services Regulatory Authority (FSRA) has granted change of control approval for Global Fintech Investments Holding, a special purpose vehicle of Wizz Financial, a leading global fintech company specializing in cross-border payments, and its partner Royal Strategic Partners (RSP), to acquire 100% of Xpress Money Services Limited. Wizz Financial will inform the FSRA when the acquisition of XMSL is completed and will now work with the regulatory authority to complete the formalities to implement the change of ownership.
This approval for change of control satisfies a main formality required for the completion of the transfer of the business of the Finablr Group pursuant to the sale and purchase agreement entered by all parties in December 2020.
The group has now received change of control approvals for UAE Exchange from the Central Bank of the UAE and for Xpress Money from the FSRA.
Additionally, the group is in advanced stages of obtaining the other COC for most of the subsidiaries in different jurisdictions.
“We are delighted to receive unconditional approval from the FSRA of Abu Dhabi Global Market, and we are very thankful for the confidence, support and commitment the FSRA and senior leadership of the country have shown us,” said Wizz Financial Co-Founder and Group Chairman Amir Nagammy.
“Xpress Money is one of the leading remittance brands in the world with an extensive global footprint. The approval from the FSRA for the change of control is an important milestone and represents the significant progress we have made” said Royal Strategic Partners CEO Dr. Hamad Al Ali.
XMSL Approval: Restricted
About Wizz Financial: Wizz Financial is a leading global fintech company specializing in cross-border payments, foreign exchange, micro-lending, digital wallets, and B2B payment technology solutions. It serves 25 million customers and 1,500 corporate and institutional clients in over 30 countries.
The Wizz Financial Group has more than 5,000 employees; relationships with 140 correspondent banks; and a presence across the MENA region, India, Africa and numerous subsidiaries in North America, Europe, and Asia. Wizz Financial is a subsidiary of Prism Group AG. For more information, visit www.wizzfinancial.com. Xpress Money is one of the leading money transfer brands in the world with a thriving presence across 5 continents. Established in 1999 in the United Kingdom, the brand has grown by leaps and bounds and has spread its geographical presence across 180 countries in over a decade. Working with some of the largest banks and non banking financial companies, XM is considered as one of the most dependable money transfer brands in the world that provides instant credits, omnichannel distribution, including account credits, mobile-wallet credits and cash.