Remitly to offer remittance services in UAE after license from Central Bank
Remitly, a trusted provider of financial services that transcend borders, has been granted a Stored Value Facilities (SVF) license with Exchange Business Category IV activity approval by the Central Bank of the United Arab Emirates (CBUAE). With the SVF license secured, Remitly will be able to bring new products, purpose-built to serve UAE customers.
Remitly offers crypto remittance, specifically by allowing users to send funds as stablecoins (such as USDC) directly to a recipient’s digital crypto wallet.Remitly has introduced the Remitly Wallet, a multi-currency store of value, and partnered with crypto infrastructure to facilitate stable, cross-border digital dollar transfers. It also offers the Remitly Wallet a multi-currency digital wallet that allows users to store, send, and receive funds in both fiat money and stablecoins
The UAE moves an estimated $50 billion (USD) across borders every year. Currently people in the UAE can transfer money via Remitly across more than 175 countries, with upfront fees and exchange rates, high transfer limits, and the speed and reliability that has earned the trust of 9.6 million quarterly users worldwide, moving over $80 billion in send volume over the last twelve months. With CBUAE authorisation in place, Remitly can now build and introduce new products, designed to strengthen customers’ financial lives across countries.
Davis Dominic Parakal, UAE CEO at Remitly said, “The UAE is one of the most important remittance regions in the world, and receiving our CBUAE licence is a defining moment for Remitly in this region. We are grateful for the rigorous engagement with CBUAE throughout this process and are proud to operate to the high bar it has set for the industry. We are here to build something for the diverse communities across the UAE.”
The UAE licence is the latest chapter in Remitly’s global drive of expanding access to fast, fair, and transparent financial services for the millions of people worldwide who have historically been underserved.
