Lebanon’s Whish Money has been granted financial services licenses in Canada, its first regulatory approval outside the MENA region and the opening move in a wider expansion plan. The fintech is now seeking licenses in the US, UK, EU, and Australia, aiming to build fully regulated operations in each market rather than rely on agent networks or third-party partners.

The company said the Canadian approval gives it a regulated base for North America and confirms its strategy of direct, in-country licensing — a model it says ensures control over customer experience, compliance, and security. The approach contrasts with many regional money transfer operators that operate under lighter agent models or partner licenses.

“Securing our Canadian license is a monumental step that validates our compliant, customer-focused model and sets the foundation for our international expansion,” explained Toufic Koussa, chairman of the board at Whish Money. “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”.

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Whish Money, headquartered in Beirut and regulated by the Central Bank of Lebanon, came to prominence during Lebanon’s financial collapse, providing digital payroll, transfer, and bill-payment tools when banks were paralyzed. It now counts more than 1.5 million users and operates through over 1,200 agents in Lebanon and 3,000 points of sale in the UAE, according to company figures.

The firm’s network includes partners such as Visa, Mastercard, Ria, and Terrapay, strengthening its cross-border payment system. With the Canadian licenses secured, Whish Money is positioning itself to shift from a regional payments player to a regulated global platform linking diaspora markets worldwide — a move that underlines the growing push by MENA fintechs to formalize their reach into mature, highly regulated markets.