FSRA grants approval for Wizz Financial to acquire Xpress Money Services Limited

Agencies | Abu Dhabi

The Daily Tribune – www.newsofbahrain.com

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 the 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 the 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.