Remitly Receives CBUAE License to Expand Financial Services in the UAE
Remitly has secured a Stored Value Facilities (SVF) and Exchange Business Category IV license from the Central Bank of the UAE (CBUAE), a regulatory approval that allows the digital remittance company to develop new financial products and services for customers in the country.
The license marks a significant step in Remitly’s expansion in the UAE, one of the world’s most active remittance markets. As part of its local growth strategy, the company has opened an office in Abu Dhabi and is building relationships with local regulators and partners.
Remitly said it will use its global transfer network to serve customers in the UAE, with the platform currently supporting money transfers to more than 175 countries. The company noted that customers in the UAE can continue sending funds to destinations including India, the Philippines, the UK, and Europe.
The firm also highlighted service features designed to improve transparency and reliability for users. According to Remitly, more than 90% of funded transfers are delivered within an hour, while most are completed in seconds. The company also shows fees and exchange rates upfront before customers confirm transactions.
In addition, Remitly said it guarantees delivery times and refunds transfer fees if funds do not arrive within the promised timeframe.
Local Expansion in Abu Dhabi
The new regulatory approval is expected to support Remitly’s broader presence in the UAE, where the company is seeking to build products tailored to local customer needs. With its Abu Dhabi office now operational, the company is positioning itself closer to the UAE’s financial ecosystem as it expands its regional footprint.
Remitly also said it plans to increase financial education efforts across the region, with the aim of helping customers make more informed decisions about international money transfers.
Davis Dominic Parakal, UAE CEO at Remitly, described the approval as an important milestone for the company.
“The UAE is one of the most important remittance regions in the world, and receiving our CBUAE license is a defining moment for Remitly,” Parakal said. “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.”
Industry Analysis
Remitly’s CBUAE license reflects the UAE’s continued role as a strategic hub for cross-border payments and financial innovation. Regulatory approvals such as this can create room for international fintech firms to introduce more localized offerings while strengthening trust with customers and authorities.
For the remittance sector, the move underscores growing demand for faster settlement, clearer pricing, and more transparent transfer experiences. It also signals that established digital remittance providers are increasingly looking to deepen their presence in the Gulf by pairing compliance with broader financial product development.
