In a groundbreaking move, Lebanese fintech Whish Money has secured financial services licenses in Canada. This is the firm’s first major regulatory approval outside the MENA region, signaling the start of a planned global expansion. The company executives confirmed they are also pursuing licenses in other key markets, including the United States, the United Kingdom, the European Union, and Australia.
A direct licensing strategy for global growth
With the strategic move, Whish Money is differentiating itself through a direct, in-country licensing mechanism, rather than relying solely on third-party partnerships or limited money transfer agent models. The strategy involves establishing locally incorporated entities in each market and operating fully within national regulatory frameworks, enhancing compliance and long-term sustainability.
According to the company executives, 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.
Following the achievement, Toufic Koussa, chairman of the board at Whish Money “Securing our Canadian license is a monumental step that validates our compliant, customer-focused model and sets the foundation for our international expansion.”
He also noted that the move is also about “strategically connecting high-diaspora communities with reliable financial infrastructure, beginning with North America.”
This global expansion is complemented by Whish Money’s established partnerships with major global players like Visa, Mastercard, Ria, and Terrapay. These alliances strengthen the firm’s secure and compliant cross-border payment infrastructure in the different territories, enhancing financial access for its users. Ultimately, this strategy is part of Wish Money’s long-term goal to evolve from a regional payment provider into a comprehensive global financial ecosystem.
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 1.5 million by offering reliable alternatives for payroll, money transfers, and bill payments when traditional financial channels were constrained.
