⚡ Remitly granted stored value licence by the Central Bank of the UAE

Remitly has secured a Stored Value Facilities and Exchange Business Category IV licence from the Central Bank of the UAE, marking a significant regulatory milestone for the Seattle-based digital remittance provider. The approval follows months of preparatory work in the region and positions the company to expand its product offerings to customers across the Emirates.

The licence enables Remitly to operate stored value facilities and foreign exchange services under UAE regulatory supervision, strengthening its foothold in a key Middle Eastern corridor for international money transfers. The UAE represents a critical market for remittance providers given its large expatriate population that regularly sends funds to home countries across Asia, Africa, and the Middle East.

This regulatory green light allows Remitly to compete more directly with established players in the UAE remittance space while potentially introducing new financial products tailored to local customer needs. The timing positions the firm to capture growing digital payment adoption in the region.

FXnCO Insight

Remitly’s UAE licence signals intensifying competition in Middle Eastern remittance corridors, with traders watching for potential pressure on incumbent providers’ market share and transaction volumes.

Source: Finextra