ABU DHABI – Remitly, a trusted provider of cross-border financial services, announced today that it has received a Stored Value Facilities (SVF) licence with Exchange Business Category IV activity approval from the Central Bank of the United Arab Emirates (CBUAE).
The licence follows an extensive review process and signifies formal recognition of Remitly’s commitment to serving UAE customers with secure, transparent, and innovative financial solutions. With this authorisation, Remitly can now develop and introduce new products specifically designed to enhance the financial lives of individuals across the UAE and beyond.
The UAE is one of the world’s largest remittance corridors, with an estimated $50 billion transferred internationally each year. Currently, Remitly enables users in the UAE to send money to more than 175 countries, offering upfront fees, competitive exchange rates, high transfer limits, and reliable service—features that have earned the trust of 9.6 million active users globally. Over the past 12 months, Remitly facilitated over $80 billion in total send volume.
Davis Dominic Parakal, UAE CEO at Remitly, stated: “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.”
This regulatory milestone aligns with the UAE’s broader ambition to become a global fintech leader. The CBUAE’s dedicated digital remittance licence category targets international operators committed to long-term investment in the region. Remitly’s expanded presence supports the UAE’s “We the UAE 2031” vision, which aims to double the digital economy’s contribution to national GDP by prioritizing fintech and digital financial services.
The new licence marks another step in Remitly’s global mission to provide fast, fair, and transparent financial services to underserved populations worldwide. Originally known for remittances, Remitly is evolving into a diversified cross-border financial platform serving both consumers and businesses across an expanding range of use cases.
About Remitly:
Remitly is a trusted provider of financial services that transcend borders. Operating in more than 175 countries, Remitly has built one of the world’s leading global money movement platforms, used by millions of customers. The company continues to expand beyond traditional remittances into a full suite of cross-border financial services.
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