Mantas, an insurtech company, has received In-Principle Approval (IPA) for a Category 4 license from the Dubai Financial Services Authority (DFSA).

This approval will allow Mantas to operate as a regulated Managing General Agent (MGA) once the full DFSA license is issued.

The milestone supports Mantas’ aim to provide parametric insurance solutions for cloud-reliant businesses across the Middle East and Africa (MEA) region.

Once the in-principle approval conditions are met, Mantas will be granted a Category 4 DFSA license, enabling it to offer insurance intermediation services and insurance management.

Mantas is the first parametric MGA in the MEA region to use predictive analytics to develop insurance products that support digital service delivery and embedded business models.

Basil Mimi, Co-founder and CEO of Mantas, said:

“Every business in the MEA region relies on the cloud yet too few are protected against its failures. We look forward to working with the DFSA to obtain our full licence, allowing us to launch our services and continue developing solutions that turn business downtime into a managed, predictable event.”

He added,

“Our R&D won’t stop until business disruption is no longer part of the vocabulary.”

Featured image credit: DFSA