ABU DHABI:  Remitly, a trusted provider of financial services that transcend borders, today announced that it has been granted a Stored Value Facilities (SVF) licence with Exchange Business Category IV activity approval by the Central Bank of the United Arab Emirates (CBUAE). The licence follows a rigorous review process with the CBUAE, and reflects the formal recognition of Remitly's commitment to the UAE and its customers. With the SVF licence secured, Remitly will be able to bring new products, purpose-built to serve UAE customers.

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."

This authorisation arrives as the UAE accelerates its position as a global fintech leader. The CBUAE's dedicated digital remittance licence category is designed specifically for globally minded operators committed to investing in the region in the long term. Remitly's presence here directly supports the UAE's 'We the UAE 2031' vision, which places fintech and digital financial services at the heart of the country's ambition to double the contribution of its digital economy to GDP.

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.

About Remitly:

Remitly is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, Remitly has built one of the world’s leading global money movement platforms, trusted by millions of customers. Remitly continues to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases.