Lebanese fintech Whish Money has secured financial services licenses in Canada, its first major regulatory approval outside the MENA region, signaling 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.
This strategic move sets Whish Money apart by prioritizing a direct, in-country licensing approach, rather than relying solely on third-party partnerships or limited money transfer agent models.
This strategy involves establishing locally incorporated entities and operating fully within national regulatory frameworks, and is designed to build a robust, regulated presence in key diaspora markets.
According to the company, establishing locally incorporated entities allows Whish Money to maintain complete control over the customer experience while ensuring maximum compliance, security, and transparency in each new market. The Canadian licenses are a crucial first step in this global strategy, providing a regulated foundation for its North American operations.
Strategic connection
“This move is about more than just entering a new market; it’s about strategically connecting high-diaspora communities with reliable financial infrastructure, beginning with North America. We are committed to building a regulated, transparent global ecosystem that truly serves our users,” stated Toufic Koussa, Chairman of the Board, Whish Money.
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 economic crisis.
The company built a large user base of over 1.5mn by offering reliable alternatives for payroll, money transfers, and bill payments when traditional financial channels were constrained.
