RegulatoryJul 9, 2026, 04:14 PM
Remitly Secures Key Regulatory License in UAE for Expansion
AI Summary
Remitly Global, Inc. has secured a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE. This authorization marks a significant milestone in one of the world's largest remittance markets, allowing Remitly to extend its regulated global footprint and introduce new products for UAE customers. The move supports the UAE's vision to become a global fintech leader and strengthens Remitly's position for long-term growth in the region.
Key Highlights
- Remitly secured a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE.
- The UAE is one of the world's largest remittance markets, moving an estimated $50 billion across borders annually.
- The license allows Remitly to introduce new products tailored for UAE customers.
- Remitly's global footprint now spans over 175 countries.
- The company serves 9.6 million quarterly users worldwide, who moved over $80 billion in send volume in the last year.
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