Lebanese fintech Whish Money has secured financial services licenses in Canada, its first major regulatory approval outside the MENA region, signalling the start of a planned global expansion. The company confirmed it is also pursuing licenses in other key markets, including the United States, United Kingdom, the European Union, and Australia.
The move places Whish Money among a growing number of MENA-based technology companies looking beyond their home region for growth, often targeting Western markets with significant diaspora populations. This strategy mirrors efforts by other regional fintechs to capture a share of the multi-billion-dollar global remittance market by leveraging modern payment infrastructure.
The Canadian licenses are a key part of Whish Money’s global strategy, which prioritizes pursuing direct, in-country licensing. By setting up locally incorporated entities, the company can operate fully within national regulatory frameworks. According to the company, this approach allows it to maintain complete control over the customer experience while ensuring compliance, security, and transparency in each new market.
Headquartered in Beirut and regulated by Lebanon's Central Bank, Whish Money gained prominence locally by providing digital financial services that proved essential during the country's severe economic crisis and banking sector disruptions. The company built a large user base of over 1.5 million by offering reliable alternatives for payroll, money transfers, and bill payments when traditional channels were constrained.
This expansion is complemented by Whish Money's established partnerships with major global players like Visa, Mastercard, Ria, and Terrapay. These alliances enable the firm's secure and compliant cross-border payment infrastructure, enhancing financial access for its users. Ultimately, this strategy is part of Whish Money's long-term goal to evolve from a regional payment provider into a comprehensive financial platform. By establishing a regulated presence in markets like Canada, the firm aims to build a financial ecosystem connecting communities across borders.
