The Financial Regulatory Authority (FRA) has granted Raya Holding’s SME financing subsidiary Aman the license to launch micro financing activities, the company said in a statement (pdf). Raya had announced in January that Aman would launch operations in 2H2018 as soon as it receives FRA’s license. The financial services arm, which aims to offer financing and e-payment solutions for SMEs, is set launch with 55 branches nationwide in the first two years, with plans to expand to 150 branches in the coming five years.

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