Ethical fintech platform, Wahed Invest, receives a regulatory license in South Africa
Wahed Inc, (Wahed) parent company of a leading halal financial investment platform, has received a new regulatory license from the Financial Sector Conduct Authority (FSCA), the regulator of the South African financial markets.
Acquiring the new license has been a huge achievement for the fintech company, as it ramps up efforts to deliver investment services in the country. With this regulatory approval, Wahed will be able to locally launch its app, which makes it easy and affordable for customers to start investing.
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South Africa is a key market for fintech expansion in Africa due to the severe economic inequality which still exists in large parts of the continent. When added to generally low levels of financial literacy, it is difficult for people to make informed decisions about money. Fintech solutions such as Wahed can help to leapfrog these challenges, with its focus on transparency, minimal transaction fees, and financial inclusion.
Commenting on the new license, Rashaad Kalla, General Manager for Wahed in South Africa said: “We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector, and a population that is hungry to reap the benefits of a new and better way to invest.”
The authorization for the South African license comes at a time when Wahed is pushing for international expansion. It now has 9 regulatory licenses around the world.
Junaid Wahedna, CEO of Wahed said: “We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products. We combine fintech and values to create simple, accessible, and halal products – we are honored to be trusted and to launch in South Africa.”
Headquartered in New York, Wahed has attracted over 200,000 customers around the world.
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What You Need To Know About Wahed Inc.
Wahed is a world-leading halal financial investment platform that improves financial inclusion and social responsibility through accessible and affordable investing.
New York-headquartered and using the latest technology, Wahed has built an award-winning offering that is automated and available through mobile devices, making it easy for everyone to multiply their worth without compromising their values – all from the palm of their hand.
Licensed in nine jurisdictions around the globe, with 11 offices and serving over 200,000 customers, Wahed is backed by renowned investors and advisors that enable them to deliver accessible and quality financial products so that wealth management is made more equal, pure, and fair.
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