Remitly, a prominent player in the digital remittance sector, has successfully obtained a Stored Value Facilities (SVF) and Exchange Business Category IV license from the Central Bank of the UAE (CBUAE). This regulatory approval allows the company to introduce a range of new financial products and services specifically designed for consumers in the UAE, a key remittance market globally. In conjunction with this licensing, Remitly has established an office in Abu Dhabi, signaling its commitment to building strong relationships with local regulators and industry partners. The company aims to leverage its extensive global network, which facilitates money transfers to over 175 countries, to better serve its UAE customer base.
As part of its operational strategy, Remitly emphasizes efficiency in money transfers, claiming that more than 90% of funded transactions are completed within an hour, with many occurring almost instantaneously. The platform is designed to provide transparency, displaying fees and exchange rates upfront, and it guarantees delivery times, offering refunds on transfer fees if funds do not arrive as promised. This user-centric approach reflects Remitly's commitment to enhancing the remittance experience for its customers.
Davis Dominic Parakal, the UAE CEO at Remitly, underscored the importance of the UAE as a leading remittance hub, describing the license acquisition as a pivotal moment for the company. He articulated Remitly's mission to offer fast, fair, and transparent money transfer solutions to the millions residing in the UAE. Additionally, the company plans to enhance financial literacy in the region, empowering customers to make informed decisions regarding their international transactions.
As part of its operational strategy, Remitly emphasizes efficiency in money transfers, claiming that more than 90% of funded transactions are completed within an hour, with many occurring almost instantaneously. The platform is designed to provide transparency, displaying fees and exchange rates upfront, and it guarantees delivery times, offering refunds on transfer fees if funds do not arrive as promised. This user-centric approach reflects Remitly's commitment to enhancing the remittance experience for its customers.
Davis Dominic Parakal, the UAE CEO at Remitly, underscored the importance of the UAE as a leading remittance hub, describing the license acquisition as a pivotal moment for the company. He articulated Remitly's mission to offer fast, fair, and transparent money transfer solutions to the millions residing in the UAE. Additionally, the company plans to enhance financial literacy in the region, empowering customers to make informed decisions regarding their international transactions.
Source: Fintech News ME
