Okoora's Leap into Cyprus

A branch of the Swiss-Israeli fintech firm Okoora has been set up in Limassol, Cyprus, with the ultimate aim of launching a platform that would enable it to function across the European Union. Okoora believes that the setting up of new branches in Europe will help the company gain an EMI license that will allow it to carry out electronic transactions between countries in the EU. For Okoora to be recognised as a legitimate European investment business, it is striving to obtain a Financial Brokerage licence. Securing these licenses is critical to deepening its engagement with financial institutions and the private sector in Europe. Around 30 professionals with expertise in European regulatory compliance, licensing, technological advancements, marketing and sales, have been employed at the Okoora's new endeavour in Cypress, as part of its plan to grow. This strategy ensures both the assurance of safety in an unstable monetary atmosphere and the fulfilment of stringent global regulatory prerequisites. Benjamin Avraham, founder and CEO of Okoora, remarked that the launch of their Cyprus office is a major step forward in their ambition to obtain permits for broad-scale business activities in the 27 EU countries, which would bring advantages to numerous companies operating in that area. Furthermore, we have been leveraging the Banking-as-a-Service model in Israel and there is increasing demand for it; thereby we would like to make our platform available to financial organizations and firms. Okoora's Automated Business Currency Management (ABCM) is a cloud-based platform that uses AI to streamline international payments, banking, and risk management. With this platform, users have access to a wide range of banks and transaction rooms, a comprehensive foreign exchange risk management system, and a full set of operational tools. This technology grants organizations oversight of their overseas currency flow while minimizing possible currency risks and giving them access to current data concerning currency markets. It additionally simplifies administrative procedures associated with currency and supplies AI tools. Okoora saw a surge in activity since it began in 2021, with more than 7,000 corporate customers. It just got together with the leading international payment network, Paysend, providing them with API access to Okoora's ABCM AI-powered hub. This partnership makes it simple to carry out business transactions in Israel and send payments to all Israeli clearinghouses with pinpoint accuracy.

Source: https://medium.com/@markelitics2022/okooras-cyprus-leap-f1b50e22644e?source=rss------fintech-5