Remitly Global, Inc. has secured a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE, marking a significant expansion in one of the world's largest remittance markets. This authorization allows the company to introduce new products specifically designed for customers in the UAE, where an estimated $50 billion moves across borders every year. The license strengthens Remitly's regulated global footprint and supports its long-term growth strategy in the region.

The SVF license follows a rigorous review process with the Central Bank of the UAE and reflects formal recognition of Remitly's commitment to the market. With this authorization, Remitly can now build and introduce products aimed at strengthening the financial lives of customers across countries. The company currently serves 9.6 million quarterly users worldwide, who moved over $80 billion in send volume over the last twelve months.

Strategic Impact and Market Position

The UAE license aligns with the country's goal to become a global fintech leader. The Central Bank of the UAE's dedicated digital remittance license category is designed for operators committed to long-term investment in the region. Remitly's presence supports the 'We the UAE 2031' vision, which prioritizes fintech and digital financial services to double the digital economy's contribution to GDP.

Operational Reach

Remitly operates across more than 175 countries, offering services characterized by upfront fees, exchange rates, high transfer limits, and reliability. The new license is part of the company's broader drive to expand access to fast, fair, and transparent financial services for underserved populations globally.