<s>
CASHU	B-Application
is	O
a	O
digital	O
wallet	O
that	O
allows	O
consumers	O
to	O
pay	O
and	O
transfer	O
money	O
online	O
,	O
and	O
issue	O
prepaid	B-Device
virtual	O
and	O
plastic	O
Mastercard	O
.	O
</s>
<s>
The	O
company	O
was	O
established	O
by	O
Maktoob	B-Application
(	O
currently	O
“	O
Jabbar	O
Internet	O
Group	O
”	O
)	O
in	O
July	O
2002	O
,	O
and	O
it	O
is	O
headquartered	O
in	O
the	O
British	O
Virgin	O
Islands	O
(	O
BVI	O
)	O
.	O
</s>
<s>
In	O
addition	O
to	O
the	O
Company	O
's	O
headquarters	O
in	O
the	O
British	O
Virgin	O
Islands	O
;	O
the	O
Company	O
has	O
an	O
office	O
in	O
Amman	O
,	O
Jordan	O
,	O
and	O
an	O
office	O
in	O
Cairo	B-Language
,	O
Egypt	O
,	O
through	O
which	O
all	O
CASHU	B-Application
operations	O
are	O
managed	O
.	O
</s>
<s>
In	O
2002	O
CASHU	B-Application
was	O
launched	O
as	O
an	O
alternative	O
online	O
payment	O
method	O
for	O
the	O
use	O
of	O
credit	O
cards	O
online	O
,	O
.	O
</s>
<s>
On	O
August	O
25	O
,	O
2009	O
,	O
Yahoo	B-Application
!	I-Application
</s>
<s>
acquired	O
Maktoob	B-Application
in	O
a	O
deal	O
that	O
exceeded	O
$85	O
million	O
.	O
</s>
<s>
According	O
to	O
the	O
agreement	O
between	O
the	O
two	O
companies	O
,	O
the	O
deal	O
did	O
not	O
include	O
the	O
rest	O
of	O
Maktoob	B-Application
’s	O
products	O
,	O
including	O
CASHU	B-Application
,	O
Souq.com,	O
Araby	O
and	O
Tahadi	O
MMO	B-Application
games	I-Application
,	O
which	O
became	O
part	O
of	O
Jabbar	O
Internet	O
Group	O
headed	O
by	O
Maktoob	B-Application
founder	O
,	O
and	O
Tiger	O
Global	O
as	O
the	O
major	O
shareholder	O
.	O
</s>
<s>
In	O
2012	O
,	O
Naspers	O
Limited	O
took	O
a	O
stake	O
alongside	O
Jabbar	O
Internet	O
Group	O
and	O
Tiger	O
Global	O
in	O
CASHU	B-Application
and	O
Souq.com,	O
and	O
so	O
it	O
was	O
listed	O
under	O
the	O
umbrella	O
of	O
Souq	O
Group	O
,	O
which	O
included	O
Souq.com,	O
Sukar.com	O
and	O
Qexpress	O
(	O
a	O
logistics	O
and	O
shipping	O
company	O
)	O
,	O
as	O
well	O
as	O
CASHU	B-Application
.	O
</s>
<s>
While	O
Souq	O
Group	O
continued	O
to	O
focus	O
on	O
the	O
e-commerce	O
field	O
,	O
CASHU	B-Application
has	O
grown	O
towards	O
cashless	O
societies	O
and	O
Financial	O
Inclusion	O
and	O
started	O
to	O
move	O
away	O
from	O
the	O
vision	O
of	O
Souq	O
,	O
especially	O
that	O
the	O
regulations	O
and	O
compliance	O
conditions	O
for	O
electronic	O
payments	O
in	O
general	O
and	O
e-wallets	O
in	O
particular	O
are	O
still	O
in	O
the	O
development	O
stage	O
in	O
the	O
region	O
,	O
so	O
CASHUtleft	O
Souq	O
Group	O
.	O
</s>
<s>
Later	O
in	O
2013	O
,	O
CASHU	B-Application
launched	O
a	O
new	O
online	O
payment	O
gateway	O
,	O
PAYFORT	O
.	O
</s>
<s>
In	O
December	O
2015	O
,	O
CASHU	B-Application
Management	O
purchased	O
CASHU	B-Application
in	O
the	O
first	O
Management	O
Buyout	O
deal	O
in	O
the	O
Middle	O
East	O
,	O
.	O
</s>
<s>
After	O
the	O
management	O
buyout	O
was	O
completed	O
,	O
CASHU	B-Application
in	O
2016	O
migrated	O
its	O
business	O
to	O
Singapore	O
and	O
got	O
approved	O
to	O
operate	O
as	O
a	O
Stored	B-Device
Value	I-Device
Facility	O
by	O
the	O
Monetary	O
Authority	O
of	O
Singapore	O
.	O
</s>
<s>
All	O
CASHU	B-Application
's	O
merchants	O
,	O
vendors	O
,	O
and	O
consumers	O
were	O
then	O
required	O
to	O
maintain	O
a	O
full	O
KYC	O
(	O
Know	O
Your	O
Customer	O
)	O
record	O
that	O
complies	O
with	O
MAS’	O
rules	O
and	O
regulations	O
,	O
which	O
was	O
a	O
major	O
step	O
towards	O
regulating	O
the	O
core	O
business	O
of	O
CASHU	B-Application
.	O
</s>
<s>
Accordingly	O
,	O
the	O
Saudi	O
Arabian	O
Monetary	O
Agency	O
blocked	O
CASHU	B-Application
website	O
in	O
Saudi	O
Arabia	O
on	O
January	O
28	O
,	O
2016	O
.	O
</s>
<s>
On	O
October	O
1	O
,	O
2016	O
,	O
CASHU	B-Application
partnered	O
with	O
Mastercard	O
and	O
Noor	O
Bank	O
in	O
the	O
United	O
Arab	O
Emirates	O
to	O
launch	O
the	O
first	O
prepaid	B-Device
virtual	O
card	O
in	O
the	O
region	O
,	O
which	O
is	O
approved	O
by	O
the	O
Central	O
Bank	O
of	O
the	O
UAE	O
.	O
</s>
<s>
This	O
product	O
gave	O
CASHU	B-Application
legal	O
approval	O
to	O
operate	O
in	O
the	O
UAE	O
as	O
a	O
FinTech	O
Company	O
in	O
cooperation	O
with	O
Noor	O
Bank	O
.	O
</s>
<s>
Later	O
on	O
,	O
Bank	O
Albilad	O
in	O
Saudi	O
Arabia	O
announced	O
on	O
October	O
10	O
,	O
2016	O
,	O
that	O
it	O
has	O
entered	O
into	O
a	O
strategic	O
partnership	O
with	O
CASHU	B-Application
to	O
develop	O
innovative	O
payment	O
products	O
and	O
services	O
in	O
Saudi	O
Arabia	O
.	O
</s>
<s>
The	O
partnership	O
with	O
Bank	O
Albilad	O
allowed	O
CASHU	B-Application
to	O
recommence	O
its	O
operations	O
in	O
Saudi	O
Arabia	O
before	O
the	O
end	O
of	O
2016	O
since	O
it	O
had	O
met	O
the	O
requirements	O
of	O
the	O
Saudi	O
Arabian	O
Monetary	O
Authority	O
.	O
</s>
<s>
In	O
October	O
2017	O
,	O
CASHU	B-Application
and	O
Bank	O
Albilad	O
completed	O
the	O
compliance	O
requirements	O
of	O
SAMA	O
and	O
received	O
its	O
approval	O
to	O
operate	O
in	O
KSA	O
.	O
</s>
<s>
Bank	O
Albilad	O
issued	O
a	O
letter	O
to	O
CASHU	B-Application
allowing	O
it	O
to	O
operate	O
in	O
KSA	O
accordingly	O
.	O
</s>
