Remitly Secures UAE Stored Value Facilities License to Expand Middle East Fintech Footprint

Quick Summary

Remitly has secured a Stored Value Facilities license from the Central Bank of the UAE (CBUAE), allowing the fintech leader to offer enhanced cross-border financial services. This milestone enables Remitly to introduce purpose-built products for the UAE’s $50 billion remittance market, supporting the nation’s 'We the UAE 2031' digital vision.

How Does the SVF License Benefit UAE Remittance Customers?

The Stored Value Facilities license grants Remitly the regulatory authority to expand beyond simple money transfers into more comprehensive digital wallet solutions. By securing Exchange Business Category IV status, Remitly can now develop purpose-built financial products tailored specifically to the diverse expatriate workforce in the Emirates. This move is critical in a market that moves an estimated $50 billion annually across borders.

• Increased transfer limits for high-volume users.
• Transparent upfront fee structures and competitive exchange rates.
• Enhanced speed and reliability for 175+ global destinations.

Remitly currently serves 9.6 million quarterly users globally, and this license provides the legal framework to deepen those relationships within the Middle East. The authorization follows a rigorous review process, ensuring that the platform meets the high regulatory standards set by the CBUAE for cross-border financial services.

What Role Does Remitly Play in the 'We the UAE 2031' Vision?

Remitly’s expansion directly aligns with the UAE’s strategic goal to double the digital economy contribution to GDP over the next decade. By establishing a regulated global footprint in Abu Dhabi, Remitly supports the country's ambition to become a global fintech leader. The CBUAE’s dedicated digital remittance category is specifically designed to attract globally minded operators who are committed to long-term regional investment.

"The UAE is one of the most important remittance regions in the world, and receiving our CBUAE license is a defining moment for Remitly", said Davis Dominic Parakal, UAE CEO at Remitly. "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 valuable for the diverse communities across the UAE."

How is Remitly Scaling its Global Money Movement Platform?

The acquisition of the UAE license is a pivotal step in Remitly’s transition from a pure-play remittance firm to a diversified financial provider. Over the last twelve months, the company facilitated over $80 billion in send volume, proving the scalability of its global money movement platform. This regional growth allows Remitly to better serve historically underserved populations who rely on fast, fair, and transparent access to capital.

• Presence in 175+ countries worldwide.
• Focus on digital-first financial inclusion.
• Strategic long-term growth in high-volume corridors.

FF NEWS TAKE:

This move definitely moves the needle for Remitly. Securing a Stored Value Facilities license in the UAE isn't just a regulatory win; it's a land grab in one of the world's most lucrative cross-border financial services corridors. By moving into the SVF space, Remitly is positioning itself to compete directly with local exchange houses and global banks, transforming from a transactional tool into a central hub for the UAE's massive migrant financial ecosystem.