Remitly has secured a Stored Value Facilities (SVF) and Exchange Business Category IV license from the Central Bank of the UAE (CBUAE).

The approval enables the digital remittance company to develop new financial products and services tailored for customers in the UAE.

As part of its local expansion, Remitly has opened an office in Abu Dhabi and is building relationships with local regulators and partners. The company will leverage its global network, which supports money transfers to more than 175 countries.

Customers in the UAE can continue sending funds to destinations including India, the Philippines, the UK, and Europe.

Remitly states that more than 90% of funded transfers are delivered within an hour, with most completed in seconds.

The platform shows fees and exchange rates upfront before customers confirm transactions.

Remitly guarantees delivery times and refunds customers’ transfer fees if funds do not arrive within the promised timeframe.

“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 here to build something for the millions of people in the UAE who deserve fast, fair, and transparent ways to send money across countries,”

he added.

Remitly also plans to expand financial education efforts across the region, helping customers make more informed decisions about their international money transfers.

Featured image credit: Edited by Fintech News UAE, based on image by mrsiraphol via Magnific