Doo Payment Successfully Obtained The Payment Service Provider (PSP) License From Dubai’s Department of Economy and Tourism

News | 27 Mar 2024 11:20/AM GMT

We are excited to announce that Doo Group’s sub-brand, Doo Payment’s subsidiary company, Doo ME Payment Services Provider LLC, has successfully obtained the Payment Service Provider (PSP) license (License No.: 1312503) from Dubai’s Department of Economy and Tourism. This marks a significant milestone for Doo Group in tapping into the global payment sector. 

A New Milestone in Venturing into the Dubai Payment Market 

Dubai’s Department of Economy and Tourism is an important government department in Dubai, responsible for the development, supervision, and promotion of Dubai’s market. It ensures that there is continuous growth in Dubai’s economy, leading Dubai to become a global economic hub.

Based on Dubai’s regulatory requirements, Doo ME Payment Services Provider LLC has managed to fulfill the prerequisites in financial strengths, business model, corporate governance, risk management, and other aspects of the requirements to apply for the license.

After acquiring this PSP license, the company is authorized to provide various payment services. These include being third-party firms that act as intermediaries between those who make payments, i.e., retailers, or between customers and the services providers, such as, telecommunication companies, public departments, etc. This also comprises operating as payment kiosks for consumers who prefer to pay their bills with cash, and later make the payments to the beneficiaries. 

As an international financial center and business hub, Dubai has a mature financial system and provides diverse business opportunities to companies.  

Doo Group has once again expanded our business to the Dubai market. We have established two offices in the Dubai market and have participated in the iFX Expo Dubai. These provided a strong base for us to develop the local market in Dubai. With the acquisition of this license by Doo ME Payment Services Provider LLC, Doo Group will further strengthen our influence in the Dubai market. 

We will continue to refine our payment services system, to provide more diverse and highquality services, to assist organizations, companies, and individual clients to create more opportunities in the Dubai market. 

Connecting Global Opportunities with Convenient Payments 

Aside from the Dubai market, Doo Payment’s entities have also obtained licenses from the United States Financial Crimes Enforcement Network (US FinCEN), the Financial Transactions and Reports Analysis Centre of Canada (CA FINTRAC), the Australian Transaction Reports and Analysis Centre (AUSTRAC), and the Hong Kong Customs and Excise Department (HK MSO).  

Under strict supervision from various organizations, we ensure that we follow the international standard of security and operations flow, to provide safer payment solutions to our clients and ensure their capital’s security.  

Going forward, we plan to further include a greater range of payment options for various scenarios in Doo Group’s diverse business ecosystem. This will give our global clients easier access to flexible and convenient international payment and exchange services, enabling them to maintain their focus on trading and business development. At the same time, they can effortlessly achieve an intelligent global capital flow, and effectively seize business opportunities in this digital era.