Remitly has been granted a Stored Value Facilities (SVF) and Exchange Business Category IV licence by the Central Bank of the United Arab Emirates (CBUAE), marking a significant milestone in the company’s expansion strategy across the UAE and the wider Middle East.
The licence formally recognizes months of regulatory engagement and market preparation by Remitly, including the establishment of its Abu Dhabi office, strengthening relationships with local regulators and partners, and investing in solutions tailored to the financial needs of the UAE’s diverse expatriate communities.
The newly acquired licence enables Remitly to introduce new digital financial products and services specifically designed for customers in the UAE. While the company prepares to expand its offerings, customers can continue using Remitly’s international money transfer platform to send funds to family and friends across more than 175 countries, including India, the Philippines, the United Kingdom, and destinations across Europe.
According to the company, more than 90% of funded transfers are delivered in under one hour, with most completed within seconds. Remitly also provides transparent pricing by displaying transfer fees and exchange rates upfront before customers confirm transactions. Additionally, the company’s Delivery Promise ensures that transfer fees are refunded if funds are not delivered within the promised timeframe.
“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 millions of people in the UAE who deserve fast, fair, and transparent ways to send money across countries.” – Davis Dominic Parakal, UAE CEO at Remitly
Beyond expanding its financial services, Remitly said it remains committed to supporting the UAE’s multicultural communities through reliable cross-border payment solutions and financial education initiatives. The company aims to help customers make informed decisions about international money transfers while maximizing the value of every dirham they send abroad.
The licence further strengthens Remitly’s position in one of the world’s largest remittance markets as demand for secure, fast, and transparent cross-border payment services continues to grow across the UAE.
New to Remitly? Downloading the app takes minutes, or visit us at https://www.remitly.com/ae/en.
Already a customer? Thank you. This licence is a signal of how seriously we take our responsibility to you, and how much further we intend to go.
