REMITR was recently accepted into the prestigious Abu Dhabi Global Market (ADGM) RegLab program to test and enhance MoneyOS to comply with international regulatory standards.
International payments are currently dominated by wire transfers and debit/credit card based payment methods. MoneyOS enables users to collect and make international payments from a single MoneyOS account, bypassing both these traditional methods. In addition to facilitating transactions for businesses, MoneyOS allows financial institutions such as banks and other money transfer companies, to build their own cross-border payments offering on this platform and replace slow and expensive wire transfers.
Intelligent algorithms coupled with partnerships with banks & other regulated financial institutions in various countries, allow MoneyOS to automatically and intelligently find the best route to ensure money flows across diverse payment networks like bank accounts, wallets and others new age payment instruments. MoneyOS uses machine learning technology to tackle complexities of cross-border payments, such as detecting patterns in money flow, routing of exceptions and intelligently processing unstructured data.
REMITR is joining ADGM RegLab program to launch MoneyOS as an innovative mechanism for international payments that is safe, compliant and secure. Remitware will be working closely with the regulators at ADGM’s RegLab, to further develop and scale MoneyOS for global commerce and remittances.
Mr Wai Lum Kwok, Executive Director of Capital Markets at ADGM’s Financial Services Regulatory Authority welcomed REMITR to the 2nd RegLab cohort, saying, “ADGM is committed to supporting the development and deployment of Fintech solutions that have the potential to make financial services more accessible, affordable and secure. We look forward to working closely with REMITR to test its innovative technology in a controlled and supervised environment.”
Speaking on the occasion, Mr Kanchan Kumar – Co-founder & CEO of REMITR said, “We are delighted to participate in ADGM’s RegLab to accelerate our innovation in cross-border payments. We firmly believe that orbit shifting innovation in payments space requires an active regulatory support that is receptive to creating new models. With the ADGM RegLab association, we will bring to market innovations which would not have been possible to develop or scale in an uncertain regulatory environment.”
About REMITR Canada Inc
REMITR is a regulated financial institution in Canada and has offices in USA, UAE and India. REMITR enables fast and low cost business payments on REMITR Business Payments (RBP) platform, leveraging its technology to provide the lowest exchange rates and most efficient fund transfer mechanism all day and night.
REMITR is a subsidiary of Remitware Payments Inc – a US headquartered, payments technology company. REMITR provides a cutting edge International payments & settlements platform built for modern cross-border commerce from the ground-up, applying the latest in Internet technology. REMITR is founded by experienced entrepreneurs & bankers and is funded by marquee angel investors from USA, UK, Middle East, and Asia.
REMITR is part of Ryerson Futures portfolio, MaRS growth program and In5 innovation hub of Dubai Internet City.
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business since 2015. Recognised by the industry for its innovative, strategic and progressive initiatives, ADGM has been awarded as the “Financial Centre of the Year (MENA)” for two consecutive years. ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business successfully and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre and in line with the Abu Dhabi’s Economic Vision, ADGM is an extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia. ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths – private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
ADGM is located on Al Maryah Island, a 114-hectare of financial free zone, housing world-class offices spaces, award-winning hotels, restaurants and life-style retail outlets. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit http://www.adgm.com or follow us on Twitter : @adglobalmarket and LinkedIn.